The parent group of independent department store retailer Trago Mills has reported a growth in turnover as sales surpassed £100m.
According to its latest filed accounts for the year ended 28 February 2025, total sales rose 15.9% to £102.7m from £88.6m 2023.
Pre-tax losses resulted at £5.2m compared to its loss of £2.8m recorded the previous year.
Stated within its report, the company said: “For yet another period of reporting, the bricks and mortar retail sector continues to be a very tough environment. For practical reasons, the board took the step of changing the year end which has the effect of making direct comparison to previous years very difficult, but in summary sales remain broadly flat year-on-year.
“Trading in the very competitive sector of value retailing means that margins need to be competitive and the business is therefore very sensitive to operating cost increases as they cannot be easily recovered. Since the period end, the April 2025 increases in both national living wage and employers national insurance represented a significant challenge.
“The board have addressed this, with a heavy heart, by rationalising the workforce along with the store opening hours. Each store is now open for 90 fewer minutes each day. Thankfully customer loyalty has continued and no loss in revenue has arisen from these reduced trading hours.”
Within the group of four department stores in south Cornwall, south Devon in England, and south Wales, Trago Mills Ltd reported sales of £25.3m, up from £22.2m over the period. Pre-tax losses resulted at £1.3m, widening from a loss of £363,000.
Meanwhile, Trago Millis (Falmouth) saw sales rise to £8.7m from £7.7m, while pre-tax losses resulted at £653,000, widening from a loss of £463,000. Trago Mills (Merthyr) also saw sales grow by to £23.1m from £18.8m. Pre-tax losses widened from £2.1m to £2.2m.
As for Trago Mills (South Devon), its largest division, total sales rose to £50.9m from £44.9m, with pre-tax losses amounting to £2.1m, widening from its loss of £825,000.
The group recently confirmed that its store in Falmouth is under review. See related.
