TJX’s Net Sales Surge As Consumers Resume Normal Activities

The TJX Companies posted $10.1 billion in net sales for the first quarter of fiscal 2022, marking a 129 percent jump from the first quarter of fiscal 2021, according to a Wednesday (May 19) announcement.

By comparison, the off-price clothing and home fashions retailer reported a 9 percent rise in net sales between the first quarter of fiscal 2020 and the first quarter of fiscal 2022.

The TJX Companies posted $534 million in net income for the first quarter along with 44 cents in diluted earnings per share (EPS). It said that “open-only comp store sales” climbed by 16 percent from the first quarter of fiscal 2020.

“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,” Chief Executive Officer and President Ernie Herrman said in the announcement.

The TJX Companies did, however, note that the temporary closure of some of its retail locations because of the pandemic negatively affected its results.

At the moment, the firm has about 300 retail locations that are temporarily closed because of government requirements in response of the pandemic. Every one of those retail locations is located in Europe and Canada.

“While the environment remains uncertain, particularly internationally, we are convinced we are strongly positioned as we emerge from this health crisis,” Herrman said in the announcement.

The TJX Companies added 67 retail locations to its store count in the first quarter concluding on May 1, 2021 for a total of approximately 4,640 retail locations.

The news comes as Ross Stores, the off-price retailer, opened three dd’s DISCOUNTS and four Ross Dress for Less retail locations across five states in February and March. Those new retail locations are part of the firm’s plans to bring approximately 60 new retail locations onto its roster in fiscal 2021.