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TJX Europe full-year like-for-likes rise 5%

TJX Europe, the operator of off-price retailer TK Maxx, said like-for-like sales rose 5% in the full year to January 30.

Sales at the European company, which operates 263 TK Maxx stores in the UK, Republic of Ireland, Germany and Poland, reached $2.28bn (£1.48bn) during the period.

European sales in the 13-week fourth quarter rose 6% on a like-for-like basis to $740m (£479.7m). The figures were calculated on a constant currency basis to take in to account currency fluctuations.

TJX Europe is readying itself for an ambitious European expansion strategy which will see it open hundreds of stores across Europe and the business has made a number of appointments to support the plans, as revealed by Drapers.

US parent company TJX Companies, which also operates TJ Maxx stores in the US and Canada, said the total group’s sales were $20.3bn (£13.2bn), up 7% on last year. Total like-for-like sales were up 6%. Profit from continuing operations was $1.2bn (£777.8m).

The group also announced a share fundraising of between $900m (£583.4m) and $1bn (£648.1m) to accelerate square footage growth and invest in stores.

TJX Companies president and chief executive Carol Meyrowitz said: “In 2009, one of the worst economic periods that the US, Canada, and Europe have seen, TJX generated superior earnings growth, with every division delivering top- and bottom-line results well above plan.

“Sales growth was driven by a large increase in transactions as we attracted new customers from all income levels with our compelling values. We aggressively managed our inventories which, combined with cost reduction programs, helped fuel strong increases in profitability.

“Additionally, we took advantage of opportunities the environment presented, opening more new stores than planned and thousands of new vendor doors.”

She added that the group was “confident” in its future in 2010 and believed that “value will remain key for customers”.

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