Quality Save’s sales held steady after raising its prices as it transferred a number of stores to new owner Home Bargains.
The budget supermarket chain was bought by the Liverpool-headquartered giant in January 2023 in a move which saw a number of Quality Save shops taken on by Home Bargains.
On a like-for-like basis, Quality Save’s turnover “remained consistent” but without that measure they fell from £84.3m to £68.2m in the year to June 30, 2023.
Its pre-tax profits also declined from £3.3m to £1.7m over the same period, according to a new filing with Companies House.
As a result of the store transfers, Quality Save’s headcount was cut from 599 to 531.
A statement signed off by the board said: “Turnover largely remained consistent on a like-for-like basis despite the transfer of a number of stores as part of the acquisition in the year by Home Bargains.
“This was a result of increasing prices, seen across the sector, which the company was forced to pass on to customers in some cases.
“The company operates in a competitive market and the directors are pleased with the company’s continued profitability against a backdrop of continuing economic uncertainty.”
Quality Save added: “In common with many retail operations, operational costs continue to increase, however, this has been offset by the reduction in store numbers in the current period.”
The accounts for Home Bargains for the same financial year are due to be filed with Companies House by the end of March.
For the 12 months to June 30, 2022, Home Bargains’ turnover totalled £3.4bn while it achieved pre-tax profits of £293.1m.