TK Maxx’s UK parent recorded a 127% increase in pre-tax profits to £80.5m in the year to February 2.

TJX UK, which comprises TK Maxx and the HomeSense fascia, increased sales in the year by 12.8% to £1.8bn across retail and wholesale. In its retail division, sales increased to £1.5bn last year from £1.35bn the prior year.

There was a 9% increase in like-for-likes as the discount fashion and homewares retailer thrived amid a depressed consumer spending environment.

The global retail giant’s UK arm opened a net seven new stores last year to bring its estate to 276 shops, comprising 257 TK Maxx stores and 24 HomeSense shops.

The retailer plans to open 16 stores this financial year and last week unveiled its new store in Covent Garden, London.