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Sales up at TK Maxx owner

TJX, the US owner of TK Maxx, has announced a 5% sales rise to $9.27bn (£7.3bn) for the 13 weeks to 4 May 2019, and has raised its outlook for the full financial year.

Sales at TJX International, which covers Europe and Australia, were up by 8% to $1.23bn (£950m) for the period.

In the UK, TJX International operates off-price retailer TK Maxx and homeware retailer Homesense.

Ernie Herrman, chief executive officer and president, said: “We are very pleased with our continued strong performance in the first quarter, as both our consolidated comparable store sales increase of 5% and earnings per share of $0.57 came in well above our expectations.”

“Once again this quarter, customer traffic was the primary driver of our consolidated comp increase and was up at each of our four major divisions. We believe this is a great indicator of the enduring appeal of our great values on an eclectic and exciting mix of merchandise and our treasure-hunt shopping experience, as well as the resiliency of our off-price retail model. With our above-plan first-quarter results, we are raising our full-year earnings per share outlook.”

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