TK Maxx owner publishes 163% sales growth across Europe and Australia
Off-price apparel, home and beauty retailer TJX Companies, which owns the retailer TK Maxx, today announced sales and operating results for the first quarter ended April 30, 2022 across its US and International operations.
Results for Q1 2023:
- TJX International sales in Europe & Australia were £1.1 billion, up by 163% from £43 million in 2022
- Net sales in Q1 for TJX Companies increased by 13% vs 2022 to £9.2 billion
- Net income for TJX Companies was £473 million
For the start of the second quarter TJX said that it was pleased with its sales trends.
The company further followed-up on an announcement made on 3 March, when it said that it was committed to divest from its minority investment in Familia, an off-price retailer that operates in Russia. It has calculated an impairment charge of £175 million, which makes up the entirety of the TJX investment.
Ernie Herrman, Chief Executive Officer and President of The TJX Companies, stated, "I am particularly pleased that our first quarter pretax profit margin and earnings per share, each on an adjusted basis, exceeded our plans even though our sales were slightly below our planned range.
"This underscores the power of our flexible, off-price business model when we execute well. For the full year, we see opportunity to further improve our profitability.
"We believe our value proposition is as appealing as ever for consumers in today’s retail environment, and we are excited about our initiatives to drive customer traffic and sales. We remain focused on our long-term vision to become an increasingly profitable, $60-billion-plus company.”