TJX Europe, the parent company of off-price fashion chain TK Maxx, tripled its profits in the second quarter of 2011 as like-for-like sales in Europe remained flat.
Excluding fluctuations in currency, TJX Europe, which is part of US group TJX Companies, saw overall sales rise by 25% to $662m (£404m). Profit more than tripled to $7.3m (£4.5m).
For the 13 weeks to July 30 across the whole company TJX Companies saw net sales increase by 8% to $5.5bn (£3.4bn) and consolidated comparable store sales increased by 4%.
TJX Europe also operates the homewares chain Homesense.
Carol Meyrowitz, chief executive officer of The TJX Companies, said she was very pleased with the performance as the 23% increase in adjusted earnings per share exceeded the high end of expectations.
She added: “We believe that this speaks to the consistency of TJX and the great flexibility of our business model, which has enabled us to succeed year after year, through both strong and weak economic environments. Customer traffic continues to be up over large increases in the last two years, as our tremendous values attract new and loyal customers.
“As we enter the third quarter, we see a marketplace full of fabulous brands and fashions and we will be utilizing the flexibility in our inventory position to take advantage of these opportunities. In addition, we will be significantly increasing our marketing penetration in the second half of the year, leveraging our marketing spend, which we believe will also draw consumers to our stores.”
TJX Europe ended the quarter with 322 stores in Europe.