TJX has reported a net loss of $887.5 million, which equates to $0.74 per share, for the quarter ended May 2, compared to a profit of $700.2 million, or $0.57 per share in the year-ago period.
TJX has stated that it has paid most if its first-quarter rent and added that it negotiated with many of its landlords to defer some of its April, and a meaningful portion of its second quarter, rent payments to later dates, primarily in fiscal 2022.
“Throughout our 43-year history, we have navigated through many challenging economic and retail environments, and I am convinced that we will manage through this as well. While the pandemic has resulted in our making difficult decisions, TJX has always been and remains a fundamentally strong company. We have a senior management team with decades of TJX and off-price retail experience, who are fully dedicated to managing through this crisis while ensuring the long-term stability and strength of TJX and returning the company to its path of long-term, successful growth.” – Ernie Herrman – CEO