TK Maxx owner posts sales drop as lockdown continues

TK Maxx TJX Companies
// TK Maxx US owner TJX Companies said sales dipped over 10% in the year to January 30
// The company currently has 690 stores that are closed due to government mandates
// The group operates a total of 4572 stores in 9 countries

TK Maxx’s parent company TJX Companies has witnessed a sales decline of 10.7 per cent year on year to $32.1 billion (£22.8 billion) in the year to January 30 2021, as lockdown closures affect trading.

For the full year, store sales outside the US were down four per cent compared to the same period last year.

Net sales for the fourth quarter were down 23 per cent to $10.9 billion (£7.7 billion), compared to last year, with overall store sales down three per cent.

READ MORE: TK Maxx beats Sir Philip Green’s Topshop to become 6th-largest fashion retailer

The company currently has approximately 690 stores that are temporarily closed due to government mandates.

Stores across Europe were closed for approximately 63 per cent of the period and stores in Canada were closed for about 32 per cent.

The group operates a total of 4572 stores in nine countries.

“Our brands, values, and exciting gift assortments resonated with customers, and we achieved these results despite numerous Covid-related headwinds,” TJX Companies chief executive and president Ernie Herrman said.

“As we start the new fiscal year, while uncertainty around Covid-19 remains, we feel very good about the strength of the business and our market share opportunities beyond the health crisis.

“We are convinced that our entertaining, treasure hunt shopping experience, our differentiated, branded merchandise selections, and value proposition will continue to resonate with consumers.

“We see many opportunities to leverage our flexible business model, gain more customers, and continue driving the successful growth of TJX for many years ahead.”

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  1. In a golfing community, Palm Springs. Very disappointed with the brands that were in the stores this year. Through the years you had designer brands of golf and high end fashion. I certainly didn’t find much of anything this year.


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