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TK Maxx could be coming to another high street near you following above-expectations growth
TK Maxx parent company TJX Europe is looking to expand further in the UK and Ireland, after reporting above-expectations second quarter growth.
European like-for-likes rose 6 per cent during the three months to 2 August, while adjusted net sales rose 13 per cent year-on-year to $875m (£527m). Globally TJX reported a 7% increase of net sales to $6.9bn for the second quarter, while consolidated comparable store sales rose 3%.
The off-price retailer did not break down sales for the UK and Ireland.
TJX Companies chief executive Carol Meyrowitz said:
I am very pleased with our second quarter performance… We are now raising our full year adjusted earnings per share guidance to reflect our above-plan second quarter results. The third quarter is off to a solid start and we are excited about our opportunities for the second half of the year. We entered the third quarter in an excellent inventory position and see plentiful opportunities for great brands in the marketplace.
We are very confident in our ability to deliver another strong year, on top of many, as we continue on the path to being a $40 billion-plus company.
The company is now continuing on its aggressive expansion plans, which it hopes to lead to 875 stores across Europe by the end of the financial year.
It is aiming for 309 TK Maxx and HomeSense stores in the UK and Ireland alone. At the end of the second quarter it had 291 stores.
A 17,747 sq ft store at Westfield Stratford is due to open on 4 September, and several others are expected to follow.
Sources have previously told trade magazine Drapers the business is looking for more prime locations in central London, following the successful opening of TK Maxx in Covent Garden last October, but a TJX Europe spokeswoman declined to comment.