TK Maxx owner TJX UK experienced a healthy rise in gross profit and total sales for the 52 weeks to 2 February, defying the high street slump with 21 new store openings.
TJX UK, the parent company of TK Maxx and Homesense, reported a 6.4% increase in total sales to £3.2bn, helped by a 4% year-on-year boost to store sales.
Gross profit grew by almost 10% to £464m and the company’s operating profit rocketed by 49% to £103.8m.
In the year, TK Maxx opened eight new stores, battling the current trend of high street closures bringing its UK total to 345. This expansion created 760 new jobs across the country.
Openings have continued since the period’s close, including the retailer’s first-ever store on London’s Oxford Street.
However, turnover at TK Maxx dipped 10% for the period, to £23.3m, as gross profit plateaued at £173,000.
2019 year marks the 25th anniversary of TK Maxx in the UK, which first opened in Bristol in 1994.