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TJX's TK Maxx sees annual profits rise

Sophie Smith
13 September 2022

TJX UK has released its financial results for the 52 weeks ending 29 January 2022, revealing an increase in profits despite continued challenges from the COVID-19 pandemic.

The company, which operates TK Maxx and Homesense, saw turnover increase 45.2% to £3.3 billion.

TK Maxx reported a turnover of £2.1 billion, compared to £1.3 billion in 2021. Homesense revealed a turnover of £270.6 million, compared to £194.6 million in 2021. These increases were largely driven by fewer temporary store closures as a result of the pandemic.

However, TJX UK said its operations still continued to be impacted by the pandemic, leading to the temporary closure and reopening of stores, distribution centres and offices. The company said its stores were closed for 20% of the reporting period.

Gross profit rose to £492.3 million from £115.3 million. Pre-tax profit was £14.4 million, against a loss of £255.7 million in 2021.

The company also continued to expand its store footprint and opened three TK Maxx stores as well as closing one Homesense location. This means that at the end of the period it had 352 TK Maxx and 75 Homesense UK stores.

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