Homesense owner delivers positive first quarter

US-based global fashion and home furnishings retail group TJX Companies, owners of the Homesense and TK Maxx brands, has reported a growth in first quarter sales.

According to its latest update ended 4 May 2024, total group sales rose 6% to $12.5bn from $11.7bn in 2023. Net income resulted at $1.1bn.

Within its EU and Australia division, TJX International sales rose 9% to $1.5bn from $1.4bn.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated: “I am very pleased with our first quarter performance. Overall comp store sales increased 3%, at the high-end of our plan, and both profitability and earnings per share were well above our expectations. Our teams across the Company executed on our initiatives and were laser-focused on delivering consumers exciting values on great brands and fashions and a treasure-hunt shopping experience, every day.

“We saw comp sales growth at every division entirely driven by customer transactions, which underscores the strength of our value proposition. This also gives us confidence in our ability to gain market share across all of our geographies. The second quarter is off to a good start and we see numerous opportunities for our business for the balance of the year that we plan to pursue. Longer term, we are excited about the potential we see to drive customer transactions and sales, capture additional market share, and increase the profitability of TJX.”

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