TJX UK sees record sales

TJX UK, which operates the TK Maxx and Homesense brands in Britain, has filed its accounts for the year to February and said that sales rose above £4 billion for the first time.

In fact, they reached £4.02 billion in the 53-week period, up from £3.88 billion in the prior 52 weeks. But the firm’s pre-tax profit fell to £120.7 million from £172.4 million after the previous year included a one-off exceptional gain of £58.8 million.

The retailer’s 419 comparable stores generated like-for-like sales of £2.67 billion in the period, up 3% as footfall rose. It was a tough comparison given that the year earlier had benefitted from the post-pandemic boom in physical stores.

Earlier this year, TK Maxx said it would be part of The revitalisation of London’s Oxford Street with the off-price fashion and homewares giant to open a flagship store on the Mount Royal block at the Marble Arch end of the major shopping location.

The company is part of the giant US TJX Companies Inc, whose latest year saw sales rising 9% to $54.2 billion with comparable sales up 5%.