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UK profits fall at TK Maxx

Profits at TK Maxx’s UK division fell 19.6% to £95.8m in the year to 28 January, down from £119.2m the year before, as the retailer battled rising employment costs.

Pre-tax profits at TJX UK, the owner of TK Maxx, the homeware fascia HomeSense and tkmaxx.com, were also down 21.7%, falling from £142.3m to £111.4m during the period.

UK store like-for-like sales at TK Maxx were up 0.6%.

The company said: “In a challenging retail environment in the UK we were pleased with our results which we believe speak to our resilience and ability to drive sales.”

The figures for the retailer’s UK division have just been published on Companies House. TJX’s global results for the same period were released in February. These results showed profits dropped 6% to $290m (£232m).

TJX has previously said that it sees the longer-term potential to expand to up to 1,000 TK Maxx stores across the UK, Ireland, Germany, Poland, Austria, the Netherlands and Australia. It currently trades from more than 580 stores.

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