TK Maxx owner TJX last week unveiled a record annual performance as global turnover rose 7% to hit $41.7bn and profits rose by the same proportion to $3.2bn, reinforcing its position as the world’s largest off-price retailer – a category it invented itself and the key to the retailer’s power.

Like-for-like sales at the international division, in which the UK represents 73% of the store count, rocketed 10% in the fourth quarter to reach $1.7bn and over the past year, increasing 8% on a comparable store basis to $5.6bn.

Total profits at the international division, comprising the UK, Austria, Australia, Germany, Poland and the Netherlands, increased 7% to $307m.