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TK Maxx owner sees apparel and accessories boost full-year results

Sophie Smith
23 February 2023

TJX Companies, the parent company of TK Maxx, has reported a 3% increase in net sales to £41.4 billion ($49.9 billion) for the year ending 28 January 2023, revealing "strong" performance from apparel and accessories. 

The company's US net sales grew by 1% to £32.2 billion ($38.8 billion). TJX International, including Europe and Australia, saw net sales rise 8% to £5.1 billion ($6.2 billion) against the prior year.

For the full year, TJX Companies also shared the following results:

  • Pretax profit margin up 0.2 percentage points to 9.3%.
  • Gross profit margin dropped 0.9 percentage points to 27.6%.
  • Net income of £2.8 billion ($3.4 billion), compared to £2.6 billion ($3.2 billion) in 2022.

Whilst stores in the US remained open for the full year, a "significant number" of stores in TJX Canada and TJX International experienced pandemic-related temporary store closures and government-mandated shopping restrictions. The company also experienced challenges from foreign currency exchange rates.

During the FY23, the company increased its overall store count by 146 stores to 4,835 stores. In Europe, TK Maxx jumped from 618 to 629 stores and Homesense from 77 to 78 stores.

The company now expects pretax profit margin to be in the range of 10.1-10.3% for the full-year ending 3 February 2024.

Ernie Herrman, CEO and President of TJX Companies, said: “I am so proud of the outstanding performance and execution of our teams again in 2022. During the year, our apparel businesses, including accessories, across the company were strong. Sales at our home businesses overall were softer as we saw extraordinary growth during the two prior years when consumers focused on purchases for their homes. At our international divisions, we saw total sales increases and improved profitability for the year.

"FY24 is off to a strong start and we remain confident in improving our profitability this year. We are energised for the year ahead and our plans to keep bringing customers around the globe ever-changing selections of great fashions and brands at excellent values. Longer term, I am confident that we are on track to becoming an increasingly profitable $60 billion-plus company.”

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