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Stellar sales drive further TK Maxx openings

TJX, owner of TK Maxx, has upped its full-year profit guidance and revealed plans to further bolster its store portfolio.

The US firm is raising its earnings per share outlook for the year ending February 1, 2014 by between $2.89 (£1.77) to $2.93 (£1.79), compared with $2.55 (£1.65) last year.

The increase follows a better than expected third quarter, in which net sales rose 9% to $6.98bn (£4.31bn) for the three months to November 2. Overall profit for the third quarter increased 8.9% to $623m (£385m).

Adjusted net sales for TJX Europe, which includes TK Maxx and HomeSense stores, increased 14% for the period to $964m (£596m). For the first nine months of TJX Europe’s financial year, sales rose 12% to $2.49bn (£1.54bn).

During the third quarter TK Maxx added 17 shops to its UK and Republic of Ireland store portfolio, including a flagship in Covent Garden. TJX Europe expects to open a further 32 stores in Europe next year across both its fascias.

The expansion is part of a long-term plan for the business, which will see TJX Europe growing its TK Maxx and Homesense store count in the UK, Ireland, Germany and Poland to 875 shops, from its current 339 locations.

TJX is aiming to increase its store portfolio in its current markets around the world, including the US and Canada, to 5,150 stores, from its present level of 3,119.

Chief executive Carol Meyrowitz said: “The fourth quarter is off to a good start. Longer term, we see tremendous potential and remain very confident in our ability to continue driving substantial growth.”

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