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TJX Europe third quarter sales rise 1%

Sales at TJX Europe, the parent company of off-price retailer TK Maxx, rose 1% on a like-for-like basis to $603m (£358.8m) in the third quarter of the year.

Overall US parent TJX Companies said that the performance of the European business was impacted by fluctuations to foreign exchange rates.

In the third quarter, movements in exchange rates had a 1 percentage point negative impact on consolidated net sales.  Comparable sales are reported on a constant currency basis.

TJX Europe has 262 TK Maxx stores and 14 HomeSense homewares stores in the UK, Poland, Germany and Ireland.

Total sales at TJX Companies increased 10% to $5.2bn (£3.09bn) over the third quarter and comparable sales rose 7%, a record performance. Profit from continuing operations was $348m (£207m).

TJX Companies president and chief executive Carol Meyrowitz said: “We are pleased to see the strong momentum in our business continue despite the challenging economic environment.

“We achieved record third quarter results, driven by significant increases in comparable store sales and customer traffic that have continued to accelerate. We believe that our values and our great selections of fashions and brands will continue to resonate with the new customers we are attracting today when times improve.

“All of our businesses are performing well, both domestically and internationally, which bodes extremely well for our future growth. With strong momentum into November and confidence in our trend, we are raising our outlook for the fourth quarter and full year.”

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