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TK Maxx reports Q2 like-for-like growth

TK Maxx has seen a growth in like for-like-sales, which the company says is down to consumer demand for value during the recession.

The value retailer’s US parent company TJX reported that its European division TJX Europe, which includes TK Maxx and home furnishing chain HomeSense, reported a comparable store sales rise of 6% for the three months to August 1. Net sales were slightly down at $512m (£312.3m) compared with $548m (£334.3) in the same quarter 2009, which the company said is due to poor currency exchange rates.

TJX now predicts like-for-like sales internationally across the group will be up between 2% and 3% for the full year to 2010.

TJX president and chief executive Carol Meyrowitz said: “Our extreme values on exciting brands and fashions continue to resonate with consumers and drive extraordinary increases in customer traffic counts.”

She added: “As we enter the back half of the year, we will continue to plan prudently, but believe we have tremendous opportunities to build upon our strong first half.”

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