TJX Europe is planning to open 40 stores in the UK and Ireland in its current financial year, with at east two TK Maxx stores and one HomeSense being readied for the next three months.
TJX Europe, the offshoot of US parent company TJX Companies, opened two TK Maxx stores in retail parks last month – one in Hove, East Sussex and one in Nottingham – with a third scheduled to open on Eastbourne’s Pevensey Bay Road on March 20.
A further 35 stores will open by the end of January 2015, taking the total UK and Ireland portfolio to 317. In the longer term, TJX Europe plans to have 875 stores across the UK, Ireland, Germany – where it has 63 stores – and Poland, where it has 21.
Sources told Drapers the business was looking for more prime locations in central London, following the successful opening of TK Maxx in Covent Garden last October, but a TJX Europe spokeswoman declined to comment.
TJX Europe revealed its bullish expansion plans as it announced full-year sales to February 1 grew 10% to $3.62bn (£2.17bn), up from $3.28bn (£1.97bn) last year. Like-for-likes climbed 6%, on top of a 10% increase last year. Adjusted profi ts rose 32% to $280m (£167m).
Fourth-quarter sales grew 9% to $1.13bn (£678m), with profi ts up 21% to $119m (£71m). In the year, 19 TK Maxx and four HomeSense stores opened in the UK and Ireland.
TJX Companies also reported a strong set of results, with net sales up 6% to $27.4bn (£16.4bn), while like-for-likes rose 3%. Profits were $2.1bn (£1.2bn).
Chief executive Carol Meyrowitz said: “We begin a new fiscal year in an excellent position to pursue our near- and long-term opportunities. Our inventories are extremely lean, which aff ords us enormous fl exibility to buy into the plentiful opportunities we see in the marketplace for branded merchandise. We have many exciting initiatives planned this year and, above all, will continue to off er consumers amazing values on great fashions and brands.”