TK Maxx owner bounces back from Covid losses

13th September 2022

// TK Maxx parent company TJX Companies posts recovery in recent results

// Turnover rose to £3.3 billion from £2.2 billion a year earlier

TK Maxx owner TJX Companies has recorded a recovery from the pandemic in its results for the 52 weeks up to the end of January.

The company, which also owns Homesense, said that turnover rose to £3.3 billion from £2.2 billion a year earlier.

That was a 45.2% increase and more than made up for the 34.6% drop that it had seen in the previous year as the pandemic impacted the business.

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Gross profit rose to £492.3 million from £115.3 million while pre-tax profit was £14.4 million, a swing from a loss of £255.7 million.

The company made a net profit of £24.5 million in the latest year, bouncing back from a loss of £205.9 million in the previous year.

The recovery came despite the company being impacted by the pandemic with stores, distribution centres and offices closed for part of the 12-month period.

The company continued to expand its store footprint and opened three TK Maxx stores as well as closing one Homesense location.

At the end of the period it had 352 TK Maxx and 75 Homesense UK stores.

Coronavirus Fashion General Retail

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Coronavirus Fashion General Retail

13th September 2022

Sahar Nazir

// TK Maxx parent company TJX Companies posts recovery in recent results

// Turnover rose to £3.3 billion from £2.2 billion a year earlier

TK Maxx owner TJX Companies has recorded a recovery from the pandemic in its results for the 52 weeks up to the end of January.

The company, which also owns Homesense, said that turnover rose to £3.3 billion from £2.2 billion a year earlier.

That was a 45.2% increase and more than made up for the 34.6% drop that it had seen in the previous year as the pandemic impacted the business.

Subscribe to Retail Gazette for free

Gross profit rose to £492.3 million from £115.3 million while pre-tax profit was £14.4 million, a swing from a loss of £255.7 million.

The company made a net profit of £24.5 million in the latest year, bouncing back from a loss of £205.9 million in the previous year.

The recovery came despite the company being impacted by the pandemic with stores, distribution centres and offices closed for part of the 12-month period.

The company continued to expand its store footprint and opened three TK Maxx stores as well as closing one Homesense location.

At the end of the period it had 352 TK Maxx and 75 Homesense UK stores.

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