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TK Maxx sales top £4bn for the first time

TK Maxx sales top £4bn for the first time

The UK arm of TJ Maxx has posted a drop in pre-tax profits despite its sales topping £4bn for the first time.

Pre-tax profits for the TK Maxx and Homesense owner plunged 42% from £172.4m to £120.7m in the 53 weeks to 3 February 2024 due to a one-off exceptional item of £58.8m in credit in 2023, according to newly filed accounts on Companies House.

Sales edged up 3.6% to £4.03bn, up from £3.89bn, as more shoppers sought to snap up designer labels at discounted prices.

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The retailer said its store portfolio generated a 3% increase in like-for-like sales to £2.67bn, which it attributed to higher levels of footfall year on year as shoppers returned to high streets and retail parks post-pandemic.

It opened 4 net new TK Maxx stores during the period and 1 net new Homesense location, pushing the total number of stores in the UK to 432.

The retailer is set to open its second flagship on Oxford Street later this year, after signing a lease for a 22,500 sq ft unit at Mount Royal in March.

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