The TJX Companies is starting to make up for lost time last year when its stores around the globe were shuttered due to the pandemic.
The parent company of Home Goods, TJX and Marshalls swung to a profit in its first quarter, fuelled by strong US sales across its banners, particularly Home Goods.
The off-price giant reported net income of $533.9M, or $0.44 per share, in the quarter ended 1 May, after a loss of $887.5M, or $0.74 per share, in the year-ago period. Analysts had forecast earnings per share of $0.31.
Sales more than doubled to $10.09bn from $4.41bn last year, in which stores were closed for approximately 50 per cent of the quarter due to the pandemic. Analysts had expected first-quarter sales of $8.61bn.
“I am extremely pleased with our first quarter results, with overall open-only comp store sales up 16 per cent and earnings per share of $0.44, both well above our plan,” said CEO and President Ernie Herrman. “Once again, we saw phenomenal performance in our home businesses across all of our divisions. We also saw strong open-only comp store sales increases in many other categories and positive open-only comp store sales in overall apparel, which we believe benefitted from consumers beginning to resume more normal activities.”
