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TK Maxx owner, TJX, has reported that net sales across the group hit $12.5bn (£9.8bn) during the first quarter ended 4 May, having increased 6% compared to the same period last year.
This comes as consolidated store sales rose 3% during the period, which TJX said was at the high-end of its plan.
According to TJX, the sales rise was “entirely” driven by an increase in customer transactions.
In addition, net income for the period hit $1.1bn (£87m), while its pretax profit margin inched up 0.8% to 11.1% compared to last year, which has exceeded the group’s expectations.
Ernie Herrman, CEO and president of The TJX Companies, Inc., said: “I am very pleased with our first quarter performance. Our teams across the company executed on our initiatives and were laser-focused on delivering consumers exciting values on great brands and fashions and a treasure-hunt shopping experience, every day.
“We saw comp sales growth at every division entirely driven by customer transactions, which underscores the strength of our value proposition. This also gives us confidence in our ability to gain market share across all of our geographies.”
He added: “Q2 is off to a good start and we see numerous opportunities for our business for the balance of the year that we plan to pursue. Longer term, we are excited about the potential we see to drive customer transactions and sales, capture additional market share, and increase the profitability of TJX.”
