TX Maxx sees sales surge

TK Maxx, the discount fashion retailer, saw strong sales and a stellar performance last year.

The US-owned chain, which launched in the UK in 1994 with a store in Bristol, increased sales by 11 per cent from 2.2bn to 2.4bn pounds in the 12 months to January 30, 2016.

Pre-tax profits also jumped 11 per cent from 128m to 142.3m pounds. TK Maxx opened 25 new outlets last year, including six HomeSense stores, and same-store sales rose by 4.6 per cent year on year.

Directors said they planned to continue expanding the business in the UK with 24 new stores in 2017. Earlier this year, the company opened its 500th European store in Chichester, West Sussex. Its parent firm received dividends of 54.2m pounds last year, up from £16.5million previously.