TK Maxx owner quarterly sales and profits climb

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TK Maxx’s parent company TJX has posted an uplift in second-quarter sales and income despite a decline in profit margin.

The off-price retail titan, which operates TK Maxx and Homesense stores in the UK, recorded net income across the group of $759m (£626m) in the thirteen weeks to August 3, up 3% year-on-year, while sales rose 5% to $9.8bn (£8bn).

In the six months to 3 August, the group reported a 6% year on year increase in net sales to $19.1bn (£15.7bn) - up from $18bn in 2018 (£14.8bn).

The retail group, which operates stores across Europe and Australia, recorded flat profits across its international store portfolio of $44m (£36.2m), exlcluding currency impact.

Excluding currency impact, net sales across the TJX’s international estate rose 10% to $1.4bn (£1.2bn) in the quarter, spurred by a 6% rise in like-for-like sales. In the year to date like-for-like sales increased 7%.

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