TK Maxx European parent profits slump

Profits at TK Maxx’s European parent, TJX Europe, took a 76% hit in the first half of the year.

In the 26 weeks to July 31 they fell from $34m in the equivalent period last year to $8m.

However, sales rose 11% from $932m to $1.04bn, with the number of TK Maxx stores in Europe growing from 272 to 283.

Sales at US parent TJX Companies were also up 11%, to $10.08bn, with a pre-tax profit hike of 37% to $1.03bn. The company said sales in Europe had been adversely affected by foreign currency exchange rates.