The US-listed parent company of discount retail brands HomeSense and TK Maxx, TJX Companies, has reported a strong sales growth of 7% to $8.3bn (£6.6bn) for the group’s FY2017 Q3 performance ended 29 October 2016.
Combining the firm’s retail ventures in the UK, Europe and North America, bosses stated that strong momentum in customer traffic continued to boost performance, as net income for the third quarter grew to $550m (£441m).
For the first nine months of Fiscal 2017, net sales were $23.7bn, a strong 8% increase over last year’s 6% increase. Consolidated comparable store sales increased by 5% over last year’s 5% increase, whilst net income for the first nine months was $1.6bn (£1.2bn).
TJX currently boasts a European estate of approximately 503 TK Maxx and 44 HomeSense stores, with TK Maxx opening 30 of new stores and HomeSense launching just the one during the period.
Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., stated: “We are extremely pleased that our strong momentum in customer traffic and sales continued in the third quarter. We are convinced that we are gaining consumer market share across all of our divisions.
“Further, our merchandise margin was up strongly. We remain laser focused on achieving our goals for 2016 and are passionate about surpassing them. We are on our way to becoming a $40 billion-plus company.”