
Discount store operator TJX Cos Inc missed estimates for holiday-quarter results on Wednesday, as coronavirus-induced lockdowns in Europe and Canada shaved about $1 billion off its sales.
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Discount store operator TJX Cos Inc missed estimates for holiday-quarter results on Wednesday, as coronavirus-induced lockdowns in Europe and Canada shaved about $1 billion off its sales.
Net profits at TJX UK in the year to February fell to £84.4 million from £103.4 million, despite revenues rising 10.3% to £3.48 billion.
TJX Cos Inc forecast current-quarter same-store sales to fall up to 20% after reporting a bigger-than-expected loss for the previous three months, sending the off-price retailer’s shares down about 7%.
Forget fast or slow fashion, now it’s ground to a halt. A mountain of apparel stock has been piling up in stores, distribution centers, warehouses and even shipping containers during months of COVID-19 lockdowns.
Since the beginning of the week, companies including Genesco, PVH, VF and TJX have announced a range of new measures designed to preserve their liquidity during the ongoing Covid-19 crisis.
Nordstrom forecast a 2020 profit largely below market expectations on Tuesday, after the upscale apparel retailer missed estimates for fourth-quarter revenue, sending its shares down nearly 8% in after-market trading.
The global fashion market should grow by 64 billion dollars in five years, according to Kantar. Approximately half of that will come from five major players: Fast Retailing, Inditex, H&M, TJX and Old Navy.
TJX Cos Inc raised its full-year profit forecast on Tuesday and reported better-than-expected quarterly same-store sales, as well as its acquisition of an ownership stake in Russian off-price retailer Familia.
Discount retailer TK Maxx has seen sales and gross profit rising in the latest year as its UK expansion continued and it bucked the downward trend of the retail sector.
TJX Cos Inc forecast third-quarter profit below expectations as the discount store operator faces intense competition from online and other retailers.