TK Maxx owner TJX grows sales by 10% in first quarter
TK Maxx owner TJX has reported that net sales increased by 10% to $7.5 billion in the first quarter of its financial year. Consolidated comparable store sales climbed by 7% in the period.
Net income in the period ending 30 April was $508 million and diluted earnings per share were $.76, a 10% increase over the prior year’s $.69.
Ernie Herrman, chief executive and president of TJX, said: “We are particularly pleased with our very strong customer traffic, which drove the comp increases at every division. This tells us that our strategies to bring consumers exciting values on an eclectic and ever-changing mix of the right fashions and brands, sourced from across the globe, are working. We are confident that we are growing our customer base and gaining market share.”
The company said its second quarter had got off to a “solid” start and that it was now raising its full year guidance for both earnings per share and comparable sales.
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