Thursday, December 2, 2021

TK Maxx post 11% growth amid struggling fashion sector

TK Maxx have released their full year results reporting strong pre-tax profits and growing sales, amid turbulent times for fashion retailers.  

The discount fashion retailer reported both a profit hike and total sales increase of 11 per cent to £142.3 million and £2.4 billion respectively.

Like-for-like sales also increased by 4.6 per cent in the 12 months to January 30, compared to the prior year.

READ MORE: T.K. Maxx owner‘s sales beats estimates

The retailer has attributed its strong performance in the period to strict cost controls, sharply reducing expenditure on advertising and store fixtures.

The fashion chain has revealed it aims to expand to 24 new stores throughout the next year, having already opened 25 in 2016.

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