The UK division of a popular US retail group has reported a sales increase, with profits remaining robust. For the year ending February 3, 2024, total sales rose by 3.6% to £4 billion, up from £3.8 billion in 2023 for Homesense and TK Maxx.
Photo: Homesense.
Homesense saw a 2.2% sales growth, reaching £280.5 million compared to £274.4 million last year, while TK Maxx's revenues remained flat at £2.5 billion. Pre-tax profit for the group was £120.7 million, a decline from £172.4 million in the previous year.
The report highlighted a 3% rise in like-for-like store sales, totalling £2.6 billion, largely attributed to increased foot traffic. The group noted that growth in 2023 was significantly influenced by temporary store closures in 2022 due to the Covid-19 pandemic.
During the year, one new Homesense store was opened, bringing the total to 77 across the UK, with some locations co-located with TK Maxx. The company continues to focus on expanding its footprint while navigating market challenges.
Source: www.bigfurnituregroup.com