Homesense owner grows sales to over $50bn

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

According to its latest update for the 53-week period ended 3 February 2024, total group sales rose 9% to $54.2bn from $49.9bn in 2023. Net income resulted at $4.5bn, up 30% on the prior period.

Within its EU and Australia division, TJX International sales rose 9% to $6.7bn from $6.2bn.

For the first quarter of Fiscal 2025, the Company is planning consolidated comparable store sales to be up 2% to 3% and pre-tax profit margin to be in the range of 10.5% to 10.6%. For full year Fiscal 2025, the Company is planning consolidated comparable store sales to be up 2% to 3% and pre-tax profit margin to be in the range of 10.9% to 11.0%.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated: “I am extremely proud of the performance of our teams again in 2023. Thanks to their excellent execution of our great business model, we delivered outstanding results on both the top and bottom lines that exceeded our expectations.

“We surpassed $50 billion in annual sales, a milestone for our Company. We brought our customers exciting values on great brands and fashions and a treasure-hunt shopping experience, every day. Throughout the holiday season, we shipped a fresh assortment of gift giving selections to our stores and online which clearly resonated with consumers.

“Comparable store sales for the Company increased 5% both for the fourth quarter and full year, well above our original plans for 2023. We saw comp sales growth at every division driven by customer transactions, which underscores our confidence in our ability to gain market share across all of our geographies.

“We had a very strong finish to 2023 and start the new year in a position of strength with the first quarter off to a good start. We are energized and laser focused on capitalizing on our opportunities for the year ahead and, as always, we’ll strive to beat our plans.

“Longer term, we are excited about the potential we see to strategically grow our business, capture additional market share, and increase the profitability of our Company.”

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