TK Maxx boosts sales to nearly £3bn

TK Maxx has bolstered sales to nearly £3bn and opened a raft of new stores as the the budget chain defied the gloom on the high street.

Turnover at the discount retailer jumped 11% to £2.9bn for the year to February 3, despite profits slipping 22%. Its pre-tax profits dropped to £87.1m for the period, down from £111.4m in 2017, as it ploughed investment into IT and staff recruitment.

TK Maxx, which also owns the budget homeware chain Homesense, continued its heady rise by opening 23 stores and a processing centre in Wakefield.  The new stores included 14 TK Maxx shops and nine Homesense sites, bringing its total UK estate to 390.

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