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.
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.