TK Maxx has reported upturns in both total sales and gross profit for the financial year as it continued to open new stores across the UK.
For the 52 weeks ending February 2, 2019, the off-price retail titan reported gross profit of £464m, up from £422.5m the previous year, and profit before tax of £120.5m, up from £87.1m.
The retailer also reported a 6.4% increase in total sales to in excess of £3.1bn, while like-for-like store sales increased 4% year on year.
Profit for the financial period was £103.4m, up from £74.7m the previous year.
TK Maxx said in the period it opened 21 stores – eight of which were TK Maxx stores and 13 of which were its Homesense fascia. This brings the total number of sites in the group’s portfolio to 345 TK Maxx and 66 Homesense stores.
In 2019 the retailer also opened its first-ever store on London’s Oxford Street.
In August, TK Maxx’s owner company TJX reported its 20th straight quarter of customer traffic increases.
Boss Ernie Herrman said at the time: “This speaks to the consistency and fundamental strength of our treasure-hunt shopping experience through many types of retail and economic environments. The third quarter is off to a solid start.
“We feel great about the terrific availability we are seeing in the marketplace for branded, quality merchandise and our ability to capitalise on the opportunities.”
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