Pre-tax profits at the firm which operates the TK Maxx chain of retail outlets this year increased by 35% to €10.13m.
New accounts filed by TJX Ireland UC show that profits increased as revenues rose by 1.6% from €230.44m to €234.18m in the 12 months to the end of February 1st this year.
The pre-tax profits of €10.13m this year follow pre-tax profits of €7.47m in the prior 53 week period.
The directors state that the increase in turnover was primarily driven by an increase in customer transactions.
The accounts also cover the performance of the firm's Homesense stores.
The number of TK Maxx stores remained at 27 while the number of Homesense stores also remained the same at two.
The directors state that the main activity of the company is the retailing of quality, fashionable brand name and designer merchandise at TK Maxx and Homesense stores at generally 20% to 60% below full price retailers’ regular prices on comparable merchandise.
They state that the increase in profit in the current year is due to a reduction in administrative expenses which declined sharply from €26.1m to €19.9m.
The company enjoyed a post tax profit of €8.45m after incurring a corporation tax charge of €1.68m.
The US headquartered business recorded operating profits of €8.57m and interest income of €1.55m increased profits to a pre-tax profit of €10.13m.
Numbers employed by the group declined slightly from 1,271 to 1,269 as staff costs increased from €29.34m to €30.5m.
The breakdown of revenues show that TK Maxx generated €225m in revenues and €8.6m was recorded at Homesense revenues.
The profit last year takes account of non-cash depreciation costs of €3.7m while rent costs totalled €11.09m and 'other lease costs’ totalled €2.48m.
At the end of February 3rd this year, the firm’s accumulated profits totalled €58.72m. The firm's cash funds last year increased from €37.55m to €48.96m.
Under the heading of contingent liabilities, a note states that the firm has in place a €17.4m comprehensive guarantee in respect of duty and deferment taxes to Irish tax authorities and the €17.4m guarantee remained unchanged from one year prior.
Separate accounts filed by the UK arm, TJX UK show that it recorded pre-tax profits of £117.6m as revenues increased marginally from £4.02 billion to £4.15 billion in the 12 months to February 1st this year.
The firm operates 355 TK Maxx and 73 Homesense where numbers employed last year totalled 25,463 as staff costs totalled £709m.
Reporting by Gordon Deegan
