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Full-year sales rise at TK Maxx

TJX Europe, which includes discount retailer TK Maxx, reported a 2% increase in like-for-like sales for the year to 28 January.

Excluding the impact of currency exchange, net sales were up 14% to $4.8bn (£3.8bn). Profits dropped 6% to $290m (£232m), hit by the costs involved to integrate Australian firm Trade Secret into the business. TJX Europe bought Trade Secret in October 2015. 

TJX Europe, which also includes Home Sense in Europe and Trade Secret in Australia, added 52 stores in Europe during the year and plans to open 45 stores in Europe and 4 in Australia this year.

The group currently has 582 stores. It said it was “confident” in its long term plan to grow this to 1,100 by opening more TK Maxx stores in the UK, Ireland, Germany, Poland, Austria, and the Netherlands; more HomeSense stores in the UK; and more Trade Secret stores in Australia. 

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