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TK Maxx like-for-like sales rise 4%

Bargain hungry shoppers helped TK Maxx record a 4% rise in comparable store sales (in GBP terms) for the third quarter ended October 25.

TK Maxx recorded sales of $579.7 million (£376.8m) at its European stores during the quarter. This was up 2% from $567.9m (£369.2m) in the same period last year.

Sales at TK Maxx for the 39 weeks ended October 25 were up 8.7% to $1.62bn (£1.05bn).

Sales at TK Maxx's parent company, TJX Companies, rose 2% to $4.8 billion (£3.1bn) during the quarter, but comparable store sales were down 1%. Net income fell 5% to $235.8m (£153.2m).

TJX Companies president and chief executive Carol Meyrowitz said the company was well placed to ride the economic downturn and that it intended to take advantage of opportunities in the current climate. She said: "As we have often said, we are fortunate to have an extremely flexible business model which gives us the ability to navigate through difficult environments. Given the challenging times, we believe our results speak to our ability to hold our own in tough business cycles. We are extremely focused on buying right and running with leaner-than-usual inventory levels, which has led to faster inventory turns and strong merchandise margins."

"In addition, we are very focused on tightening expenses. The fundamentals of our business remain strong as do our competitive and financial positions. Customer traffic is up across virtually all of our businesses, indicating that we are gaining market share through the strong values we offer our customers. In addition, as the retail landscape changes, we are seeing extremely advantageous real estate deals coming our way, which we believe will enhance our already strong competitive position. Further we are pleased that our businesses with the greatest growth potential continue to perform extremely well in North America and Europe."

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