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TK Maxx sees strong Q1 trading

US owned discount chain TK Maxx saw comparable sales rise 5% in GBP for the first quarter ended April 26.

TK Maxx, which is owned by The TJX Companies, saw net sales rise 12% to $495 million (£254.5m) for the period. Group sales rose 6% to $4.4 billion (£2.2bn).

Carol Meyrowitz, president and chief executive of The TJX Companies said: "We are pleased with our first quarter performance, as we once again drove strong sales, merchandise margins, and profit growth despite the challenges of the consumer environment and unfavorable weather in the first two months.

"While we continue our sharp execution of our off-price business model and deliver strong results, we are also funding our expansion domestically and internationally. We are excited by our prospects for growth in Europe, having opened our first HomeSense stores in the UK and another TK Maxx store in Germany. As we move into the second quarter, we are very well positioned to continue to capitalize upon merchandise opportunities and deliver great value to our customers every day."

TK Maxx has 227 stores in Europe.

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