TJX Cos Inc reported better-than-expected quarterly results on Wednesday as mass Covid-19 vaccinations and the easing of restrictions encouraged more
The retailer, struggling with its supply chain, reported a second-quarter decline in sales too.
With traditional retailers such as Macy's and Nordstrom foraying into discounts, off-price stores like T.J. Maxx and Burlington Stores are struggling to boost sales.
With comparable sales growth of 6 percent, TJX joins Nordstrom as one of the second quarter’s retail winners.
HBC's shedding of Gilt Groupe is just another indication that the off-price market isn't fool-proof.
Online shopping has taken a toll on traditional brick-and-mortar stores, but TJX has not seen huge cuts in inventory and store closures.
The company, which operates T.J. Maxx and Marshalls, now expects full-year profit between $3.71 and $3.78 per share, far short of analyst expectations.
The operator of T.J. Maxx and HomeGoods reported better-than-expected quarterly comparable store sales as its discounted offerings continue to attract shoppers.
TJX Cos Inc reported a bigger-than-expected rise in quarterly comparable store sales as more bargain-hungry shoppers visited its stores for apparel, accessories and home goods.