TJX Gains Market Share Around The World, Leads In Earnings
There is no question that TJX Cos. is a top choice for many customers. Sales in the second quarter of 2016 were $7.9 billion up from $7.4 billion last year. Comparable store sales jumped 4% in the quarter. As a result, the company reported net income of $562 million or earnings per share of $0.84, a 5% increase. The results were way above company and street expectation. This leading off-price retailer reported that sales have been strong in apparel as well as accessories and home goods. Sale across all divisions were above plan in the quarter. Canada recorded the strongest increase, up 9%, likely due to the decline of the Canadian dollar resulting in more Canadians shopping at home. The early 2015 closure of Zeller’s discount stores by Target Corp. has led value conscious customers to discover T.J. Maxx’s Canadian divisions including Winner, Home Sense and Marshalls . I would not be surprised to see TJX benefit next year from Macy’s closing 100 of its stores in the United States. Many of their units are not far from a Macy’s store. Read more at Forbes.
