TK Maxx sales broke the £1 billion barrier in the year to January 26, the discount designer retailer has revealed.

TK Maxx, owned by American group TJX, notched up sales of£1.03 billion during the year, up from£945.3 million the year before.

Pre-tax profits were£36.4 million, up from£35.7 million the year before. Like-for-like sales increased by 5.3 per cent during the period.

In figures filed at Companies House, TJX UK said that nine TK Maxx stores opened and one closed during the period, resulting in a total of 210 stores at the year end.

TK Maxx, which is a subsidiary of TJX Europe, said seven new stores were set to open in the current year, including five HomeSense stores.

TJX UK said that, unlike its ultimate parent company TJX, it had not incurred any losses as a result of a major credit card security breach earlier in the year, nor were any legal matters pending as of August 30.

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