TJX Companies posts 45 percent increase in annual turnover

TK Maxx owner TJX Companies has reported a 45 percent increase in turnover in the year to January 30.

Turnover for the year increased to 3.3 billion pounds from 2.2 billion pounds a year earlier as it rebounded from the pandemic and store closures.

At TK Maxx, turnover increased 57 percent to 2.2 billion pounds from 1.4 billion pounds a year earlier.

Meanwhile, turnover at Homesense was up 39 percent to 270.6 million pounds from 194.6 million pounds the prior year.

However, it said its operations continued to be “significantly impacted” by Covid-19 during the year, which led to the temporary closure of stores, distribution centres, and offices.

Its stores were closed for approximately 20 percent of the reporting period, compared to 40 percent of the previous year.

TJX Companies swings to net profit

Gross profit came in at 492.3 million pounds from 115.3 million pounds.

The company swung to a net profit of 24.5 million pounds from a loss of 205.9 million pounds a year earlier.

TJX Companies opened three TK Maxx stores during the year and closed one Homesense location.

At the end of the year, the company had 352 TK Maxx stores and 75 Homesense UK stores.