Friday, September 24, 2021

TK Maxx parent company surpasses $33bn in net sales

The parent company of discount retailer TK Maxx and Home Sense has recorded an increase in like-for-likes, sales and profits for its financial year ending January 28.

TJX Companies‘ net sales stood at $33.2 billion (£26.45 billion), a seven per cent increase over last year’s six per cent rise, while its net income was $2.3 billion (£1.83 billion).

For its last quarter, TJX recorded net sales of $9.5 billion (£7.5 billion), a six per cent increase compared to the eight per cent rise recorded in the same quarter the year prior.

Meanwhile, comparable store sales for the fourth quarter increased three per cent over last year‘s six per cent increase and net income was $678 million (£540.2 million).

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TJX‘s European arm alone recorded a two per cent increase in like-for-like sales for the financial year, and net sales went up by 14 per cent to $4.8 billion (£3.82 billion).

However, profits went down by six per cent to $290 million (£232 million), due to the costs involved to in acquiring Australian retail company Trade Secrets in October 2015. 

TJX Europe added 52 stores in Europe during its financial year and is eyeing an additional 45 stores in Europe and four in Australia this year.

The European arm of the US-based company currently has 582 stores.

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