TJX Companies, owner of off-price retailer TK Maxx, has blamed a “delayed transition” to spring 10 product for a slowdown in UK sales.
President and chief executive Carol Meyrowitz said a fall in profits from £15.8m to £1.3m in the 13 weeks to July 31 was driven by “minor growing pains” - later identified as buying problems.
“We did not transition into warm-weather products as well as we could have and the unfavourable weather patterns exasperated our own issues. We then did not execute well in a few categories,” she said.
She added there were “some mis-steps and overcorrection” in the European buying team. TJX Europe denied suggestions a lack of available off-price stock was also an issue.