TK Maxx parent company announces 12% sales increase

The parent company of TK Maxx, TJX, has announced it has seen a 12% increase in net sales for the last financial year, double last years figure.

Comparable store sales for the company’s European division rose to 4% over the last quarter from just 1% over the same quarter the previous year. Consolidated comp store sales increase also doubled on last year’s results to 6% as the designer outlet showed a strong defiance of high street woes.

The company says it has seen footfall increase in its stores for the 16th consecutive year and added that it had seen a significant increase in younger customers.

Ernie Herrman, CEO and president of TJX, said: “We are extremely pleased with our second quarter results. Both our consolidated comp store sales growth of 6% and earnings per share of $1.17 significantly exceeded our expectations. Marmaxx, our largest division, delivered a very strong 7% comparable store sales increase.

“Customer traffic was once again the primary driver of our comp store sales increases at all of our divisions as we continue to reach a very wide customer demographic. Further, this marks the 16th straight quarter of customer traffic increases for TJX and Marmaxx. We have been attracting new customers to all our divisions, a significant share of whom are younger customers. This is great for our business today and for the future.”

He added: “Looking forward, the third quarter is off to a very strong start and we have many exciting opportunities we are pursuing in the second half of the year. We are very confident that we will continue to gain market share and grow successfully around the world.”