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TK Maxx parent ups forecast as profits surge

Sales at TJX Europe, the business that includes TK Maxx, rose 6% to $778m (£497m) in the 13 weeks to August 3, with profits surging by more than 60%.

Profit for the European arm of the US group TJX Companies during the second quarter was $40.5m (£25.85m) up from $24.7m (£15.77m) in 2012, an increase of nearly 64%.

The business attributed this increase to improved sales margins and better buying.

Group net sales increased 8% to $6.4bn (£4bn) for the same period. In the six months to August 3, the business turned over $12.6bn (£8bn).

As a result, TJX Companies has increased its full-year guidance.

Carol Meyrowitz, chief executive of TJX Companies, said: “The third quarter is off to a solid start and we see many opportunities for the second half of the year and beyond.”

“We see great growth opportunities in our brick-and-mortar business and are excited about the long-term potential of ecommerce as another avenue to bring our values to even more consumers. We remain confident that our strong top- and bottom-line growth will continue and we will grow TJX to be a $40bn-plus company.”

TK Maxx has increased its store count in Europe by three during the quarter bringing the total to 355 outlets. Last week it emerged that the off-price retailer is closing in on a deal to take Next’s store on Long Acre in Covent Garden this autumn.

 

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