The TJX Companies, an off-price apparel and home fashions retailer in US and worldwide, reported decrease in its net sales to $4,409 millions in first quarter (Q1) FY21 ended on May 2, 2020, compared to $9,278 million in same period prior year. Company incurred a net loss of $887.4 million in Q1 FY21 compared to net income of $700.1 million in Q1 FY20.
“As to our sales results, we saw strong trends prior to the impact of Covid-19. For the month of February, we delivered a 5 per cent consolidated comp increase driven by customer traffic. All four major divisions had a February comp increase of 5 per cent or better,” Ernie Herrman, chief executive officer and president of The TJX Companies, said in a press release.
As various states and countries reopen for business, health and safety remain at the forefront of our decision making. We have been pleased to reopen as many stores as we have in May, as well as our e-commerce websites.”
Marmaxx sales during Q1 FY21 fell to $2,698 million (Q1 FY20: $5,802 million). HomeGoods sales dropped to $760 million ($1,397 million). TJX Canada sales declined to $380 million ($848 million). TJX International sales were down to $572 million ($1,231 million).
“Although it’s still early and the retail environment remains uncertain, we have been encouraged with the very strong sales we have seen with our initial reopenings. We believe this very strong start speaks to our compelling value proposition and the appeal of our treasure-hunt shopping experience, as well as pent-up demand,” Herrman said.
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