£3.1bn sales recorded at TK Maxx thanks to continued UK expansion

TK Maxx's parent company is selling its 25% stake in the Russian discount clothing retailer Familia following Moscow's invasion of Ukraine.
The company said it expects to take an impairment charge due to the sale.
// TK Maxx reports gross profit of £464m for the 52 weeks ending February 2, 2019
// Profit before tax rose from £87.1m to £120.5m during the period
// Total sales increased 6.4% to £3.1bn

TK Maxx has reported a rise in total sales and gross profit for the financial year, which it attributed to continued expansion in the UK.

For the 52 weeks ending February 2, 2019, the discount fashion retailer reported a gross profit of £464 million, up from £422.5 million the previous year, according to accounts filed by Companies House.

Profit before tax rose from £87.1 million to £120.5 million during the period.

READ MORE: TK Maxx owner smashes £1bn in Q2 sales

TK Maxx also reported a 6.4 per cent increase in total sales to £3.1 billion, while like-for-like store sales increased by four per cent year on year.

Profit for the financial period increased from £74.7 million to £103.4 million.

During the period, TK Maxx opened 21 stores – eight of which were TK Maxx stores and 13 of which were its Homesense fascia – bringing TK Maxx’s store-estate to 345, and Homesense to 66.

This year, TK Maxx opened its first store on London’s world-famous Oxford Street.

In August, TK Maxx’s US-based parent company TJX 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.

Chief executive Ernie Herrman said at the time that 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.

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