TJX UK, a subsidiary of TJX companies in the UK that owns TK Maxx and Homesense has recorded a rise in revenue and profit in the 52 weeks to January 28.
The company posted a 17.5% increase in annual turnover to £3.88bn and a profit of £147.6m due to a “one-off exceptional item of £58.8m credit”.
Like-for-like store sales increased 17.4%, although no figure was given.
During this trading period, TK Maxx opened one store and closed two, while Homesense opened one store. The total number of stores as of January stood at 351 TK Maxx stores and 76 Homesense stores.
Over the forthcoming period, the company expects to open six additional stores and plans to close two.
In terms of outlook, TJX UK’s statement said: “The directors are not aware of any circumstances that would materially impact the company’s ability to continue to trade in the foreseeable future.”
However, it also said operational impacts and factors such as changes in legislation, consumer confidence and behaviour, economic conditions and foreign currency exchange rates could “result in significant financial impact” to operations.
Going forward, TJX will focus on the flexible off-price business model including “opportunistic buying, inventory management, logistics and flexible store layout” to drive long-term growth and profitability.
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