TK Maxx owner smashes £1bn in Q2 sales

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TK Maxx TJX trading update Q2 CEO Ernie Herrman
The US-based firm owns TK Maxx in Europe & Australia, and homeware retailer Homesense in the EU
// TK Maxx owner TJX posts 5.3% increase in international net sales to £1.05bn in Q2
// Group wide like-for-like store sales increased 2% year-on-year
// Net sales increased 6% year-on-year to £15.7bn

TK Maxx’s parent company TJX has recorded a 5.3 per cent year-on-year increase in international net sales to $1.28 billion (£1.05 billion) for the 13 weeks to August 3.

The US-based multinational off-price fashion retailer, which owns TK Maxx in Europe and Australia, and homeware retailer Homesense in the EU, said group wide like-for-like store sales increased by two per cent year-on-year in its second quarter.

Chief executive Ernie Herrman said the increase was “in line with [its] guidance”.

“Customer traffic drove our consolidated comp store sales and was up at each of our four major divisions,” he said.

The business opened 31 stores during the period, bringing the company’s global store estate to 4412.

Meanwhile, net sales increased by six per cent year-on-year to $19.1 billion (£15.7 billion) – up from $18 billion in 2018 (£14.8 billion).

TJX said its expectations for its third-quarter and full-year results remain unchanged.

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