TJX Companies FY21 sales fall 4% to $32 bn

01 Mar '21

2 min read

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The TJX Companies, a US-based leading off-price apparel and home fashions retailer, has reported 4 per cent sales decline to $32.1 billion in its complete fiscal 2021 that ended on January 30, 2021 compared to the sales of $41.7 billion in the previous fiscal. Company’s net income for the year slipped to $90.4 million (FY20: $3.2 billion).

“In terms of the business results, I am very pleased that our fourth quarter open-only comp store sales were down only 3 per cent, exceeding our plans. Our brands, values, and exciting gift assortments resonated with customers, and we achieved these results despite numerous Covid-related headwinds,” Ernie Herrman, chief executive officer and president of TJX Companies, said in a press release.

Cost of sales during FY21 was down to $24.5 billion ($29.8 billion), while selling, general and administrative expenses were $7.0 billion ($7.4 billion).

Sales of Marmaxx (US) came down 7 per cent to $6.9 billion ($7.4 billion). However, HomeGoods (US) sales rose 13 our cent to $6.0 billion ($6.3 billion). TJX Canada’s sales fell 8 per cent to $2.8 billion ($4.0 million) and TJX International (Europe & Australia) sales decreased 2 per cent to $5.6 billion.

“As we start the new fiscal year, while uncertainty around Covid-19 remains, we feel very good about the strength of the business and our market share opportunities beyond the health crisis. We are convinced that our entertaining, treasure hunt shopping experience, our differentiated, branded merchandise selections, and value proposition will continue to resonate with consumers,” Herrman said.

Fibre2Fashion News Desk (JL)

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