Net sales for the second quarter have been reported as $6.7billion meaning that the brand endured a $214m dollar loss.
The company, whose portfolio includes such globally recognised brands as T.K Maxx, Homesense, and T.J Maxx as well as a selection of others, have commented that this is largely due to the temporary store closures that lasted nearly one third of the quarter following the impact of COVID-19.
Ernie Herrman, CEO and President of TJX Companies has commented: ‘For the quarter, we were very pleased that both our top and bottom lines well exceeded our internal plans, despite our stores only being open for a little more than two thirds of the second quarter, and that our merchandise margin was excellent. Further, we saw especially strong sales at our HomeGoods and Homesense chains, as well as the home departments within our other chains, across geographies.’
