Market Updates
TJX's U.S. Comparable Same Store Sales Drop 5%
Scott Peters
17 Aug, 2022
New York City
TJX Companies Inc increased 3.9% to $69.30 and the discount retailer lowered its annual revenues outlook and reported same store sales declined.
The parent of Marshalls, Home Goods, and T.J. Maxx retail chains said second quarter revenues declined to $11.8 billion from $12.1 billion.
Net income increased to $809.3 million from $785.6 million a year ago and diluted earnings per share increased to 29 cents from 26 cents a year ago.
U.S. comparable sales declined 5% after rising 21% a year ago.
Second quarter U.S. comparable sales at Marshalls and T.J. Maxx chains declined 2% after rising 18% in the period a year ago and at Home Goods declined 13% after rising 36% in the quarter a year ago.
Inventories at the end of the quarter increased to $7.1 billion from $5.1 billion at the end of the January 2022 when the fiscal year 2022 ended.
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