TJX underlines market optimism with TK Maxx expansion plans

  TJX Companies is planning to roll out a further 500 TK Maxx shops across Europe in the next five years.   The US group sees the potential for 275 TK Maxx stores in the UK and Ireland, up from the 229 shops in its current portfolio.   It is opening stores in Tooting, SW17, and in Milton Keynes, Buckinghamshire, this week.   TJX Companies also plans to open up to 150 more HomeSense shops in the UK.   TK Maxx’s sister homewares brand opened its first 10 stores last year.   TJX Companies announced that net sales worldwide for Q2 of fiscal year 2010 had increased 4% to $4.7bn (£2.9bn) and consolidated comparable store sales had increased 4% over the last year.   Carol Meyrowitz, president and chief executive officer at TJX Companies, said: “As we enter the back half of the year, we will continue to plan prudently, but believe we have tremendous opportunities to build upon our strong first-half.   “Further, our growth vehicles, both domestically and internationally, continue to outperform our expectations, which gives us confidence in our vision to grow TJX as a global, off-price/value retailer.”   annabel.dixon@rbi.co.uk