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Sales up at TK Maxx parent company

TJX Companies, the parent company for TK Maxx, has recorded a 12% rise in global net sales in its second quarter to $9.3bn (£7.21bn).

TJX Companies posted a 6% rise in comparable store sales for the three months to 4 August compared with the previous year. Net income stood as $740m (£574m), up 34% from $553m (£427m) in 2017.

During the six months to 4 August, net sales were $18bn (£13.9bn), a 12% increase over the previous year, and net income was $1.5bn (£1.16bn), up 36% from $1.1bn (£851m) for the same period in 2017. 

In the half, TK Maxx opened 18 stores across Europe, including five new-format superstores – larger shops that also include a Homesense within the same location.

The business said it was continuing to invest in its European infrastructure and capacity, including a new distribution faculty in Wakefield.

Ernie Hermann, chief executive officer and president at TJX Compaines, said: “We have been thrilled with the momentum … I think the biggest change from where we’ve been has been in our Europe business – that is a big accelerator, especially versus the market.”

TJX Companies CFO Scott Goldenberg said: “Our business continues to be good mainly in Europe – whether it’s Poland, Austria, The Netherlands, Germany… The big change is really in the UK and the difference is that, up until this quarter, we’ve been seeing “ondon, where we have approximately 60 stores, outperforming the rest of the UK.

“And what we saw this quarter is pretty much uniform performance between London and outside, whether it’s Wales, Scotland or [other English locations].

“Our conversion continues to be good when we we’re seeing traffic on the high-street down, and now we see transactions going up significantly across the board.”

 

 

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