TK Maxx’s parent company TJX has reported that the group has “exceeded guidance” as store sales perform better than expected.
In the 52 weeks to February 1, net sales increased by 4% to reach $56.4bn (£44.8bn). Comparable store sales increased by 4%, which the company said was “above plan, and was entirely driven by an increase in customer transactions.”
TJX International, covering Europe and Australia, saw full-year comparable store sales grow by 4%, while TJX Canada saw a 5% increase.
Its pretax profit margin also exceeded expectations at 11.5%, up from 11% last year.
TJX also reported its results for the 13 weeks to February 1, reporting net sales of $16.4bn (£13bn) which was flat on the same period last year.
Comparable store sales in the fourth quarter grew by 5% overall, 10% in TJX Canada and 7% across TJX International.
The company expects consolidated comparable store sales to be up 2% to 3% in the next financial year, with a pretax profit margin of 11.3% to 11.4%.
TJX chief executive Ernie Herrman said: “I am very proud of the performance of our hard-working associates in 2024. We delivered outstanding top-and bottom-line results that exceeded our guidance for the year.
“We surpassed $56bn (£44bn) in annual sales, drove a 4% comparable store sales increase, significantly increased profitability, and opened our 5,000th store during the year.
“Furthermore, each of our divisions saw strong, consistent full-year comp store sales growth of 4% or above. Our fourth-quarter sales, profitability, and earnings per share were all well above our expectations.
“Throughout the year, we offered our wide range of customers compelling values on good, better, and best brands and on-point fashions, and an exciting treasure-hunt shopping experience.
“As we begin a new year, we are confident that remaining focused on the off-price fundamentals of our great company will continue to serve us well, as it has over many decades, and as always, we will strive to beat our plans.
“Longer term, we see many opportunities to successfully grow our business and deliver value to even more consumers around the world.”
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