TJX Cos. experiences no let-up in dwelling gross sales

Framingham, Mass. – The 40% comp at HomeGoods ran practically as excessive for dwelling departments at Marmaxx and in Canada in the course of the first quarter, TJX Firms executives mentioned.

“Whether or not it’s large ticket areas like furnishings or rugs, or ornamental equipment, every thing was good. It wasn’t only one class,” mentioned Ernie Herrman, the corporate’s CEO and president.

Identical-store gross sales comparisons had been made based mostly on the times shops had been open in 2020 towards gross sales for a similar days in 2021. Due to COVID-19 restrictions, U.S. shops had been closed for roughly 50% of the quarter final 12 months.

Residence classes generated sturdy comp beneficial properties regardless that attire gross sales have begun to bounce again. Herrman credited the corporate’s 500-person, world shopping for staff devoted to dwelling merchandise. As well as, he mentioned, HomeGoods has the benefit of providing merchandise for instant buy.

“They’ll purchase furnishings and take it dwelling immediately,” he mentioned.

Whereas he doesn’t anticipate dwelling to proceed throwing off 40% comps, “I believe we have now alternative to remain up within the realm of that,” he mentioned.

For the quarter ended Could 1, HomeGoods’ $2.1 billion in gross sales practically tripled from the year-ago quarter and climbed 53.4% in comparison with the identical quarter in 2019.

Marmaxx division gross sales got here in at $6.6 billion, greater than double final 12 months and up 14.4% from the quarter in 2019. Open-only comp was up 12%.

TXJ Canada generated gross sales of $766 million, doubling final 12 months’s gross sales however down 9.7% from the identical interval in 2019. Open-only comp elevated 9%.

TJX Cos. complete outcomes in the course of the first quarter had been slammed by resurgent Covid-19 outbreaks in a few of its buying and selling blocks. Shops in Europe had been shuttered for roughly 76% of the quarter whereas models in Canada went darkish for 25% of the interval. The corporate estimates the mixed closures might have resulted in roughly $1.1 billion to $1.2 billion in misplaced gross sales

Complete firm internet gross sales for the primary quarter nonetheless grew robustly, up 129% to $10.1 billion General open-only comp retailer gross sales elevated 16% 12 months over 12 months. Web earnings was $534 million, $0.44 per diluted share, in comparison with a internet lack of $887.5 million, or $0.74 per diluted share final 12 months.

 

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