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TK Maxx European sales and profits rise

TJX Europe, the parent company of off-price chain TK Maxx, increased net sales by 13% to $1.08bn (£689m) excluding the impact of currency exchange, while profit was up 18% to $59m (£38m) for the second quarter to August 1.

The company, which operates both TK Maxx and Home Stores and is a subsidiary of the US-based TJX Companies, opened five new TK Maxx stores in the UK during the period.

The retailer said its TK Maxx ecommerce business is growing in the UK, although it declined to give specific figures. It is now offering click-and-collect in a number of stores.

In the first half TJX Europe launched in Austria and will launch in the Netherlands in the next quarter.

Its parent company TJX Companies acquired Australian off-price retailer Trade Secrets for AUD $80m (£37m).

TJX Companies said sales increased 6% to $7.4bn (£4.7bn) during the period, while net income grew to $549m (£350.8m), up from $518m (£330m) in the previous year.

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