TJX UK reports jump in full-year profit

The UK subsidiary of TJX Companies has reported a 17.5 percent increase in turnover in the year ended January 28, 2023.

TJX UK, which operates off-price clothing chain TK Maxx, generated turnover of 3.89 billion pounds in the period, up from 3.31 billion pounds a year earlier.

It’s also worth noting that the 17.5 percent increase came off the back of 45.2 percent growth the prior year, which was a particularly strong increase as it was compared to a year impacted by lockdowns.

Meanwhile, profit for its most recent year ballooned to 147.6 million pounds from 24.5 million pounds. Its profit in the period was also impacted by a one-off exceptional item of 58.8 million pounds.