The TJX Companies Q3 FY21 net income rose to $867 mn

02 Dec '20

2 min read

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The TJX Companies, a US-based leading off-price apparel and home fashions retailer, has reported 3 per cent sales decline to $10.11 billion in its third quarter (Q3) FY21 ended on October 31, 2020 compared to the sales of $10.45 billion in same period previous fiscal. However, net income for Q3 rose to $866.6 million (Q3 FY20: $828.2 million).

“Our third quarter results significantly exceeded our plans on both the top and bottom lines as consumers were drawn to our compelling brands and values,” Ernie Herrman, chief executive officer and president of The TJX Companies, said in a press release.

“All of our divisions drove sales above our plans, and our home, beauty, and activewear businesses outperformed at Marmaxx, TJX Canada, and TJX International. At HomeGoods, we delivered another quarter of double-digit open-only comp store sales growth,” Herrman said.

Cost of sales during Q3 FY20 was down to $7.06 billion ($7.44 billion). Selling, general and administrative expenses were $1.98 billion ($1.88 billion).

Sales of Marmaxx (US) came down 9 per cent to $5.78 billion ($6.35 billion). Whereas, HomeGoods (US) sales rose 19 our cent to $1.87 billion ($1.58 billion). TJX Canada dropped 5 per cent to $1.02 billion ($1.08 million). While TJX International (Europe & Australia) were flat at $1.42 billion.

“As we begin the fourth quarter, while significant uncertainty around COVID-19 remains, we are as focused as ever on bringing consumers exciting gift selections at excellent values. We plan to ship fresh assortments to our stores and online throughout the holiday selling season,” Herrman said in the release.

Fibre2Fashion News Desk (JL)

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