TK Maxx defies retail gloom as sales top £3bn

Budget retailer TK Maxx topped £3bn in sales in the last year, shrugging off high street woes with a rise in profit. The rise in sales bucks the current troubles facing many high street retailers in recent years. Fashion groups such as Sir Philip Green’s Arcadia, which includes the Topshop brand, have embarked on a controversial insolvency process known as a company voluntary arrangement (CVA) in a bid to slash costs. Rising competition, higher business rates and a consumer shift towards online spending has contributed towards the current troubles among physical retailers. Gallery: Week in Pictures  The front pages of some major newspapers on Oct. 21 replicate a heavily redacted government document, alongside an advertising campaign challenging laws that effectively criminalize journalism and whistle-blowing. People look at a thunderstorm above the Mediterranean Sea on Oct. 23 Bernie Sanders, a Democratic candidate for the President of United States, and U.S. Congresswoman Alexandria Ocasio-Cortez, greet supporters at his campaign rally in Queensbridge Park on Oct. 19.  Members of the public visit the Calaverandia theme park, installed on the occasion of the Day of the Dead celebrations, on Oct. 22. High-school students lie on the ground as they protest climate change in front of the Canadian prime minister's campaign office on Oct. 18, 2019.