Despite challenging retail conditions, The Reject Shop Limited
(ASX:TRS) is remaining confident and gearing up to almost double its stores to 400.
Speaking at the company’s annual general meeting yesterday CEO, Chris Bryce, sought to reassure investors after the company’s net profit fell 30 per cent in the last financial year.
The discount retailer was hit with the Queensland floods earlier this year, forcing the closure of its major distribution centre in Ipswich.
Mr Bryce says the company’s profitability and strong growth plans demonstrate the robust nature of the business.
The Reject Shop is targeting to open 20 stores per year. The 16 stores that have already been opened this year are understood to be performing well.
In the 2011 financial year The Reject Shop’s net profit fell to $16 million.
