Sales were up, but profits were down at Home Bargains last year.

Profits fell by 26% from £394m to £290m in the year to June 30 2022, while sales increased by 2% from £3,338m to £3,419m, as reported by The Grocer.

The retailer, which has stores in Gloucester, Cheltenham, Cirencester and Stroud, credited the higher revenues to its 20 new stores, as well as increased sales from existing stores.

The company had 572 stores at the end of the year and has a long-term goal to have between 800 and 1,000.

Punchline said: "The rise in sales for Home Bargains should come as no surprise - it is the sort of retailer which grows when money is tight. With a new pawn shop set to open in Gloucester soon, there is always money to be made somewhere when times are tough."