TJX continues growth with 6% rise in sales
TJX continues to be a bright spot in the retail industry with a strong second quarter.
TJX continues to be a rare bright spot in the retail industry, reporting a 6-percent increase in sales for the second quarter on Tuesday.
Sales hit $8.4 billion, with comparable store sales up 3 percent, exceeding the company's expectations for the period. Net income was $553 million, a drop of 1.6 percent.
The Framingham- and Marlborough-based owner of T.J. Maxx, Marshalls and HomeGoods has grown while many of its retail competitors like Macy's, Sears and JCPenney have shuttered stores. In the second quarter alone, TJX opened 51 stores worldwide is is now at to a total of 3,913.
Second-quarter earnings per share were $0.85, a number the company expects will increase in the third quarter.
The latest sales report comes a few days before TJX opens the first in a new line of discount home goods stores. The first HomeSense store will open Thursday at Shoppers World in Framingham, with three other locations opening later in the year. Two are in New Jersey and one in Westwood.
TJX has said HomeSense will not compete with its existing 600-plus HomeGoods stores.
TJX said earlier this year it could expand by 1,800 stores in the long term, an increase of about 50 percent. This budget year alone, which ends at the end of next January, TJX plans 250 new stores, including 65 T.J. Maxx or Marshalls locations and 81 HomeGoods, in addition to the four Homesense locations.
The company also said Tuesday it repurchased $550 million of TJX stock in the second quarter. The company expects to repurchase approximately $1.5 million to $1.8 billion of TJX stock this budget year.
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