TK Maxx parent company reports strong sales growth

TK Maxx update

The US-based parent company of TK Maxx has recorded a six per cent rise in sales for the second quarter of its fiscal year.

In the three months to July 29, TJX Companies raked in $8.4 billion (£6.5 billion) in sales while net income for the same period was $553 million (£430 million).

TJX’s consolidated comparable store sales also exceeded management’s expectations by growing by three per cent over last year‘s four per cent increase.

Meanwhile, comparable store sales in Europe experienced an uplift of one per cent.

READ MORE:  TK Maxx parent company surpasses $33bn in net sales

Looking at its first half overall, TJX’s net sales rose by five per cent year-on-year to $16.1 billion (£12.5 billion) as consolidated comparable store sales grew by two per cent.

Net income for the same period was $1.1 billion (£855 million).

“I am very pleased with our strong second quarter results,” TJX Companies chief executive and president Ernie Herrman said.

“Customer traffic was up and was the primary driver of our comp store sales growth at every division and overall merchandise margin was up, which we see as excellent indicators of the fundamental strength, consistency and flexibility of our business.

“Looking ahead, we see exciting opportunities for our business in the second half of the year.”

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