Discount fashion retailer fails to buck consumer trend over
UK and Ireland discounter TK Maxx has chalked up moderate sales growth and complained of a 'highly promotional' retail environment.

Figures released by US parent TJX Companies reported that TK Maxx increased comparable store sales by 3 per cent in the three months to January 29, in local currency.

Currency changes boosted reported comparable figures to 11 per cent above the same period the year before, when converted to dollars.

Total sales for the chain were US$1.3 billion (£708 million) from US$992 million (£597.1 million) the previous year. Store numbers increased from 147 to 170 in the year. The retailer has pursued an aggressive opening strategy and plans to have up to 350 UK stores.