TK Maxx FY sales up 11% thanks to new store openings

TK Maxx sales rose 11 per cent in the full year to February 3, thanks to a raft of new store openings on the UK high street.

The retailer, which also owns cut-price homewares brand HomeSense, saw turnover rise to £2.9 billion for the period, despite profits dropping 22 per cent.

Loss in pre-tax profits softened from £111.4 million in 2017 to £87.1 million for the year, as TK Maxx continued to invest in IT and staff recruitment.

Despite the mixed bag of results, the business is bucking more than one trend on the high street by posting positive full year results and increasing its property portfolio, despite already being a well-established brand in the UK. 

TK Maxx opened 23 new stores across the year, as well as a processing centre in Wakefield, bringing its total UK estate to 390.

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