TK Maxx parent company full-year sales ‘exceed expectations’

The discount fashion and homeware retailer’s sales were up 7% to $41.7bn (£32bn) during the 52 weeks to February 1.

Sales during the fourth quarter jumped 10% to $12.2bn (£9.4bn) and like-for-like store sales increase 6% during the same period. Net income during the quarter was $985m (£762m).

TJX’s international arm, which includes UK brands Homesense and TK Maxx, posted an 8% increase in like-for-like sales to $5.7bn (£4.4bn).

TJX president and chief executive Ernie Herman said: “In the UK we’re pleased with the continued growth with TKMaxx.com and click and collect.”

Herman added: “We are extremely pleased with our strong fourth-quarter results, as both sales and earnings per share significantly exceeded our expectations. Fourth-quarter consolidated comparable store sales increased a very strong 6%, over a 6% increase last year.

“We saw strength across the company, with each major division delivering comp sales growth of 4% or higher, all over strong increases last year and all primarily driven by customer traffic.

“As to the full year, we also delivered strong results. Consolidated comparable store sales were up 4% over a 6% increase last year, marking our 24th consecutive year of comp sales growth.

“We are also very proud to well surpass $40bn in annual sales, a tremendous milestone for our company. Full-year earnings per share also exceeded our guidance.”