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TK Maxx posts solid full year results

TK Maxx saw like-for-like sales rise 4% for the full year ended January 31.

Total sales at TK Maxx’s UK and European stores rose slightly to $2.24 billion (£1.55bn) for the 53-week period up from $2.22bn (£1.53bn) the previous year, which was a 52 week period.

Fourth quarter like-for-like sales rose 3% to $619 million (£431.3m).

TK Maxx parent company , TJX, said group net sales for the 53 weeks rose 4% to $19bn (£13.2bn). Comparable group sales rose 1% on a constant currency basis.

For the fiscal 2009 year, the movement in foreign exchange rates had a two percentage-point negative impact on TJX consolidated net sales.

TJX president and chief executive Carol Meyrowitz said: “Since the Fall, given the extraordinary challenges that the economy has presented, we have held our own, with customer traffic being up. This speaks to our ability to maintain a compelling value proposition even in an extremely promotional environment and gain market share. We believe that our excellent values, as well as our business model, which is one of the most flexible in the world, and our very strong financial position, lie at the root of our ability to weather challenging times, today as they have in past recessions.”

She said: “For 2009, we will manage the business with conservative sales expectations, very lean inventories and aggressive cost control, which we believe will best position us in the short term. We are confident in our ability to endure this recession and believe that we will emerge from it in an even more advantageous competitive position, poised to continue pursuing our growth opportunities in North America and Europe.”

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