The US-listed parent company of discount retail brands HomeSense and TK Maxx, TJX Companies, has communicated a sales growth of 7% to $7.5bn (£5.1bn) for the group’s FY2017 Q1 performance ended 30 April 2016.

Combining the firm’s retail ventures in the UK, Europe and North America, bosses stated a demand from consumers for cut-price goods continued to prove insatiable, as net income for the first quarter was up $508.3m (£348.2m) from $474.4m (£324.8m) year-on-year.

TJX currently boasts a European estate of approximately 471 TK Maxx and 41 HomeSense stores, with the business continuing to expand – adding another HomeSense outlet on Elliott’s Field Retail Park in Rugby, which was confirmed on the firm’s official Facebook page.

Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., said: “It is great to start 2016 with such a strong quarter. Our momentum continued with a consolidated comparable store sales increase of 7% over 5% growth last year. We are particularly pleased with our very strong customer traffic, which drove the comp increases at every division.

“We are extremely focused on achieving our goals for 2016 and motivated to surpass them. TJX has an exciting future ahead, and we have a strategic long-term vision to grow to be a $40bn company and beyond!”