TJ Maxx sales pass £4bn to hit new record

Sales at the UK arm of TJ Maxx passed the £4bn mark during its latest financial year to hit a new record, it has been revealed.

Newly-filed accounts with Companies House show the firm’s turnover increased from £3.88bn to £4.02bn in the 12 months to 3 February, 2024.

Despite the rise in sales, TJ Maxx’s pre-tax profit was cut from £172.4m to £120.7m over the same period.

The TJ Maxx brand generated a turnover of £2.58bn in the year and operated from 355 stores, up from sales of £2.52bn and 351 stores in the prior 12 months.

Homesense posted sales of £280.5m and had 77 shops in the year, up from a turnover of £274.4m and 76 stores.

During the year the average number of people employed by Watford-headquartered TJ Maxx in the UK increased from 24,801 to 24,935.

More customers attracted to TJ Maxx stores

A statement signed off by the board said: “The current period increase in comparable store sales can largely be attributed to an increase in footfall.

“High level of growth in the 2023 comparative were driven by temporary store closures in 2022 due to the Covid-19 pandemic.”

The UK division is part of the wider TJ Maxx group which is headquartered in Massachusetts, US.

For the group’s most recent financial year, it reported net sales of $54.2bn (£41.7bn), a rise of nine per cent compared to the prior 12 months.

At the time, chief executive and president of The TJX Companies, Ernie Herrman, said: “I am extremely proud of the performance of our teams again in 2023.

“Thanks to their excellent execution of our great business model, we delivered outstanding results on both the top and bottom lines that exceeded our expectations.

“We surpassed $50bn in annual sales, a milestone for our company. We brought our customers exciting values on great brands and fashions and a treasure-hunt shopping experience, every day.

“Throughout the holiday season, we shipped a fresh assortment of gift giving selections to our stores and online which clearly resonated with consumers.

“Comparable store sales for the company increased five per cent both for the fourth quarter and full year, well above our original plans for 2023.

“We saw comp sales growth at every division driven by customer transactions, which underscores our confidence in our ability to gain market share across all of our geographies.

“We had a very strong finish to 2023 and start the new year in a position of strength with the
first quarter off to a good start.

“We are energised and laser focused on capitalising on our opportunities for the year ahead
and, as always, we’ll strive to beat our plans.

“Longer term, we are excited about the potential we see to strategically grow our business, capture additional market share, and increase the profitability of our company.”