TK Maxx parent company posts slump in profit

The parent company of TK Maxx has recorded a fall in third quarter profits, primarily due to investment in a new UK distribution centre. In the three months to October 28 reveal an 18.5 per cent drop in adjusted profits to $75 million (£56.8 million). TJX International – which operates fashion chain TK Maxx in Europe and Australia, as well as homewares retailer Homesense – attributed the reduction in profits to the opening of a new distribution centre in Knottingley, Wakefield, which opened in August.

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TK Maxx parent company posts slump in profit