TJX Sales Jump as Customers Return to Stores

Discount apparel and home goods retailer The TJX Companies on Wednesday (Nov. 17) said third-quarter sales were up 24% year-over-year and up 20% compared to the same time two years ago as consumers continue to refresh their wardrobes.

TJX’s net sales for the first nine months of the year were $34.7 billion, up 64% from the same time a year earlier, even with stores closed for about a quarter of that time period because of the pandemic. The company’s net sales leaped 18% from the first nine months of 2019.

“We saw robust trends throughout the quarter, with comp sales exiting the quarter as strong as the beginning of the quarter,” said Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., in the company announcement.

“Further, our home businesses across all of our divisions continued their phenomenal performance, and overall apparel open-only comp store sales increased mid-single digits,” he said.

Herrman singled out “the extraordinary work and dedication” of TJX employees, specifically store and distribution center associates “who are physically coming into work to serve our customers,” and the teams throughout the company that have overcome global supply chain challenges.

“We are extremely well-positioned for the holiday selling season, and overall open-only comp store sales to start the fourth quarter are up mid-teens,” said Herrman. “We feel great about our ability to deliver customers an exciting mix of gift-giving merchandise and amazing brands and values throughout the holiday selling period.”

The CEO added that TJX is in “an excellent inventory position,” with most holiday merchandise either on-hand or scheduled to arrive in time for the holidays.

“We are very confident in our ability to continue to gain market share, improve our profitability in the medium to long term, and reach our strategic vision of TJX becoming a $60 billion company,” Herrman said.

Related: HomeGoods eCommerce Move Completes TJX Online Portfolio

The HomeGoods off-price home décor chain became the final piece of the TJX Companies to shift into eCommerce in September. Herrman said last year that eCommerce will “leverage our strength in the home category and capitalize on our market share growth opportunities.”