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TK Maxx owner posts 11% rise in profit

TK Maxx owner, TJX, has reported an 11% rise in total profits to $648.2m (£417.6m) for the three months to January 31.

Total sales for the fourth quarter climbed 6% year on year to $8.3bn (£5.3bn) while like for likes grew 4%.

Full-year profits for the business, which also operates Homesense stores worldwide, crept up to $2.2bn (£1.4bn), up from $2.1bn (£1.35bn) in 2013, and total sales reached $29.1bn (£18.8bn) up 6% year on year.

The results did not split out performance of its off-price retailer TK Maxx, however fourth quarter total sales in Europe reached $1.19m (£770,000), up marginally from $1.15m (£740,000) in 2013. Like-for-like sales were up 2% on 2013, down from an 8% growth in the same period the previous year.

The European division of TJX Companies increased full-year profits by 15% to $325m (£211.5m) in Europe.

Net sales at the retailer increased 11% to $4.01bn (£2.6bn) for the year ended January 31, compared with $3.62bn (£2.35bn).

The company opened 18 stores during the period, with a total of 305 HomeSense stores in the UK and Ireland at the end of the financial year.

It is planning to add a total of 50 TK Maxx and HomeSense stores in the European region in the next year, including its first TK Maxx stores in Austria and the Netherlands. It declined to give a breakdown of which will be TK Maxx and HomeSense stores.

The company has increased its long-term store target by 100 to 975 stores overall, to reflect its opportunities in Austria and The Netherland, as well as reflecting its potential long-term growth for the TK Maxx fascia in countries including the UK and Ireland. It currently has 440 TK Maxx and HomeSense stores in Europe.

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