Global fashion and home furnishings retail group TJX Companies has reported a growth in sales across its European operations.
According to its latest Q1 trading update, total TJX International sales, which covers the EU, UK and Australia including brands TK Maxx and Homesense, increased 159% to $1.4bn from $539m against the same period last year.
Total group sales rose 13% to $11.4bn from $10bn, driven by its core US market, resulting at $8.9bn in revenue.
Net income for the first quarter was $587m, and GAAP diluted earnings per share were $.49 versus $.44 per share against the same period.
Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated: “I am very pleased with our first quarter performance. I want to recognize the continued commitment and dedication of our talented Associates who bring outstanding values on branded, quality merchandise to our customers every day. 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.”