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TK Maxx owner TJX reports strong Q4 profits

TK Maxx owner TJX has reported that its profit increased by 11% to $648 million in its fourth quarter.

GENERAL MERCHANDISE

TK Maxx owner TJX reports strong Q4 profits

Net sales for the fourth quarter ending 31 January were $8.3 billion, which was a 6% increase on the previous year. Consolidated comparable store sales rose by 4% over last year’s 3% increase.

The US firm also announced that it is to raise its minimum wage to at least $9 per hour from June. In addition, all hourly US store associates who have been employed for six months or more will earn at least $10 per hour.

TJX chief executive Carol Meyrowitz said: “At TJX, we attribute our success over the last 38 years primarily to the people we have hired who have remained focused on our mission of delivering consumers amazing values. This pay initiative is an important part of our strategies to continue attracting and retaining the best talent in order to deliver a great shopping experience for our customers, remain competitive on wages in our US markets, and stay focused on our value mission.”

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