The Reject Shop $20.1m Profit, up 21%

Discount store operator, The Reject Shop (ASX:TRS) have released its FY2013 first half results to shareholders.

• The Reject Shop Net Profit $20.1 million, up 21 percent
• The discount variety store chain opened 17 new stores in the first half, with the aim of 400 outlets.
• Reject shop managing director Chris Bryce said, "We expect to open 40 stores in 2013, a company record. We're extremely well-placed to support further store growth should opportunities arise. While most of our business will stay here, having an overseas presence - mostly in China - will give us a bit more flexibility in where we can source from but also more control over purchases."
• Total sales revenue up 12 percent to $327.5 million
• The Reject Shop declared a fully-franked 24 cents per share interim dividend.
• Bryce said, "The strong performance of our new stores opened during the period reflects the robustness of our business model and the continued appeal of the Reject Shop brand."