TK Maxx owner sees Q4 net sales hit $14.5bn
The company also stated that changes in foreign currency exchange rates have affected the translation of sales and earnings of the company’s international businesses into U.S. dollars
TJX Companies, parent company of discount clothes retailer TK Maxx, has announced a 5% increase in net sales to $14.5bn (£12bn), for the 13 weeks ended 28 January.
The company’s Q4 net sales in Europe and Australia rose 1% to $1.81bn (£1.5) compared with $1.80bn (1.49bn). This is an 11% increase on a constant currency basis.
For the 12 months ended 28 January, sales in Europe and Australia rose 8% to $6.2bn (£5.2bn) compared with $5.7bn (£4.7bn) from last year.
TJX stated that the growth was due to a strong performance with clothes as well as accessories.
The company also stated that changes in foreign currency exchange rates have affected the translation of sales and earnings of the company’s international businesses into U.S. dollars.
It stated that for the first quarter of FY2024, it is planning overall comparable store sales to be up 2% to 3% and expects pretax profit margin to be in the range of 9.2% to 9.5%.
Ernie Herrman, CEO and president of The TJX Companies, said: “I am so proud of the outstanding performance and execution of our teams again in 2022. By staying focused on our off-price fundamentals, which have served us well through many kinds of retail and macro environments, we continued to bring customers around the world exciting values and a treasure-hunt shopping experience, every day.
“Our eclectic, rapidly changing mix of gift giving assortments clearly resonated with consumers this holiday season. We saw fourth quarter U.S. comp store sales growth of 4%, well above our plan, and U.S. customer traffic increase. Marmaxx delivered a very strong 7% comp increase, its highest quarterly comp of the year, driven by excellent sales in its apparel and accessories categories.”
