TK Maxx scores strong Q2 growth
- Published: 13 August 2008 08:43
- Author: Jessica Price Brown
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- Last Updated: 13 August 2008 08:43
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TK Maxx saw like-for-like sales rise 5% in GBP and total sales hit $548 million (£288.1m) for the second quarter ended July 26 thanks to bargain hungry shoppers.
TK Maxx, which is owned by US parent company TJX Companies, recorded a profit of $13.7m (£7.1m) for the 13 week period.
TJX Companies, which includes the Marmaxx, HomeGoods, AJ Wright and Bob's Stores chains in the US, saw net sales rise 7% to $4.6 billion (£2.4bn) for the second quarter. First half net sales were $9bn (£4.7bn).
TJX Companies president and chief executive Carol Meyrowitz said: "We are very pleased with our second quarter performance. In a very challenging retail environment, we delivered strong sales, merchandise margins and profit increases on top of very strong operating results last year. Our great values on fresh assortments of summer apparel resonated well with our customers and in addition, we effectively managed expenses. Importantly, while we continue to drive sustained earnings growth, we are building for the future. We believe that capturing new customers, continuing our strong vendor relationships and developing new ones in the current environment will serve us well going forward. Our strong core businesses are funding investments in our domestic and international growth vehicles, which are also doing well, all of which supports our vision of growing TJX as a global, off-price/value retailer."
TK Maxx now has 231 stores in Europe. It opened four stores in the second quarter.
