The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — A weak outlook overshadowed strong quarterly profit at TJX and shares slid more than 3 percent at the opening bell Tuesday.
The TJX Cos., which operates T.J. Maxx and Marshalls, also reported disappointing comparable-store sales, a key indicator of a retailer's health for industry analysts.
Profit during the first quarter rose 5.5 percent to $536.3 million, or 82 cents per share, beating Wall Street expectations by 3 cents, according to a survey by Zacks Investment Research.
Revenue rose 3.2 percent to $7.78 billion, but that was short of analyst expectations.
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Same-store sales rose 1 percent, well below the 8 percent gain during the same period a year ago.
The Framingham, Massachusetts, company expects full-year profit between $3.71 and $3.78 per share, far short of expectations. Analysts polled by FactSet expect $3.90 per share in profit for the year.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.