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TJX reports strong sales growth

TK Maxx owner The TJX Companies has reported that net sales rose by 6% to £8.4 billion in its second quarter.

FASHION

TJX reports strong sales growth

In the three months to 29 July, consolidated comparable store sales exceeded management's expectations by growing by 3% over last year’s 4% increase. Net income for the period was $553 million.

Comparable store sales in Europe were up 1%.

The results mean that first half net sales rose by 5% year-on-year to $16.1 billion as consolidated comparable store sales grew by 2%. Net income for the period was $1.1 billion.

Ernie Herrman, chief executive and president of The TJX Companies, said “I am very pleased with our strong second quarter results.

“Customer traffic was up and was the primary driver of our comp store sales growth at every division and overall merchandise margin was up, which we see as excellent indicators of the fundamental strength, consistency and flexibility of our business.

“Looking ahead, we see exciting opportunities for our business in the second half of the year.“

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