TK Maxx posts strong Q2 results
Value clothing retailer TK Maxx, the European arm of US retailer TJX has announced strong like-for-like sales for the 12 weeks to 1 August, up 6%.
European net sales suffered slightly, down from $548m (£331m) to $512m (£309m), hampered by poor exchange rates while total group sales including the U.S., Canada and the UK grew 4% during the same period to $4,748m up from $4,554 in the same period last year.
Carol Meyrowitz, president and CEO of TJX says: “Our extreme values on exciting brands and fashions continue to resonate with consumers and drive extraordinary increases in customer traffic. As we enter the back half of the year, we will continue to plan prudently, but believe we have tremendous opportunities to build upon our strong first half.”
TK Maxx competes with value fashion outlets such as Matalan and Peacocks, but is set apart by its proposition of selling discounted brands, not own label fashions.
In June, the company announced it planned to expand operations in Europe, opening 35 stores this year, including 10 in the UK, taking advantage of easily available properties.
