Maximize your media exposure with our single PR package
The TJX Companies posts Q2 FY20 sales of $6.6 bn
21 Aug 20 2 min read
The TJX Companies, a leading off-price apparel and home fashions retailer, reported 3 per cent sales decline to $6.6 billion in its second quarter (Q2) FY21 ended on August 1, 2020 compared to sales of $9.7 billion in same period previous fiscal. Net loss for the quarter were $214.2 million compared to net income of $758.9 million in Q2 FY19.
Advertisement
“For the quarter, we were very pleased that both our top and bottom lines well exceeded our internal plans, despite our stores only being open for a little more than two thirds of the second quarter, and that our merchandise margin was excellent. Further, we saw especially strong sales at our HomeGoods and Homesense chains, as well as the home departments within our other chains, across geographies,” Ernie Herrman, chief executive officer and president of The TJX Companies, said in a press release.
Sales of Marmaxx (US) came down 6 per cent to $3.9 billion ($6.1 billion). HomeGoods (US) rose 20 our cent to $1.2 billion ($1.4 billion). TJX Canada slipped 18 per cent to $592 million ($967 million). While TJX International (Europe & Australia) were marginally down 1 per cent to $880 million ($1.2 billion).
For the third quarter, company is planning overall open-only comp store sales to decrease in the range of 10-20 per cent. This is in-line with the sales trends it has seen since the mid July and through August month-to-date.
“As to the future, we are confident that when more customers are comfortable with in-store shopping, we will be in a great position to continue gaining market share as we have for many years,” Hermann said.
Fibre2Fashion News Desk (JL)
Popular News
|
|
New garment accessory factory to create 20,000 jobs in Kenya |
|
|
Swedish firm Lindex Group’s revenue at $207 mn in Q1 FY24 |
|
|
K3 Fashion portfolio strategically revamps team for SMB Market |
|
|
Bangladesh mulls VAT exemption for recycled fibre industry |
|
|
Vietnam’s textile & apparel sector sees FDI revival: Reports |
|
|
Chinese firm to set up $27.8 mn sock manufacturing plant in Bangladesh |
