99p Stores putting the heat on rivals

The chain posted a 14 per cent surge in pre-tax profits to £7.2m in the year to the end of January on turnover up 17 per cent to £270m.

It reported like-for-like (LFL) sales growth of 3.7 per cent.

The business has around two million customers per week and 194 branches.

That includes 51 stores opened over the past year, which created 1,500 jobs.

It plans to open more than 100 new stores over the next two years, creating 3,000 jobs.

“These are record results showing we are one of Britain’s fastest growing retailers,” said 99p Stores co-founder Hussein Lalani. “Our customers are telling us they are fed up of having been ripped off for years and years paying up to three times the price for essentials.

“Times have changed, spending patterns have shifted.

“The rapid emergence of price comparison sites and fast smartphones is only adding to the awareness of price and value out there.”

The chain diversified over the past year to roll out fresh fruit and vegetables, which now sit alongside milk, dairy, chilled and frozen food.

It sells a range of 5,000 items, including more than 3,000 branded goods.

Mr Lalani said 99p Stores’ 3.7 per cent LFL sales growth was among the strongest in the sector.