TK Maxx parent company records 12% rise in Q2 sales

TK Maxx The Lexicon

TK Maxx’s US-based owner TJX Companies recorded an impressive 12 per cent increase in net sales for its second quarter up to $9.3 billion (£7.2 billion).

The cut-price fashion, accessories and homeware specialist attributed the rise to a 6 per cent jump in like-for-like sales during the period.

These easily surpassed analyst expectations of a 2.2 per cent rise for the period.

It marks the 16th consecutive quarterly growth for TJX Companies, who have maintained a focus on brick and mortar retail despite many discount competitors moving their attention online.

“We have been attracting a significant share of millennial and Gen-Z shoppers among our new customers at each of our divisions…which indeed bodes very well for our future,” said chief executive officer Ernie Herrman.

The parent company, which also owns Marshalls, TJ Maxx and Home Goods in the US, said it was its strongest same-store sales growth in more than two years.

Net income rose to $739.6 million, or $1.17 a share (£573.61 million or £0.91 a share), compared with $553 million or $0.85 a share (£428.89 million or £0.66 a share).

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