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Gloucestershire Business News

Big post-Covid loss for TK Maxx

The owner of discount fashion retailer, TK Maxx, made a net loss of £160.8 million in its second quarter, as it continued to struggle with post-lockdown trading.

Although in the three months to 1st August, TJX UK said sales were better than expected, at £5 billion, compared to £7.34 billion last year, as reported by Retail Gazette.

The company said it saw strong sales at its Homesense chain, which has stores in Gloucester and Cheltenham.

It also said it experienced strong sales in its TK Maxx stores, including those in Cheltenham and Gloucester, when they first reopened after lockdown. But sales have now slowed down it and it expects sales to drop by 10 and 20 per cent in the current quarter.

The company said it is confident that when customers are comfortable with in-store shopping that it will regain its market share.

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