TJX Cos. sees profit increase in second quarter, as 21 new stores open
Photo | Grant Welker
The TJX Cos. headquarters in Framingham
Revenue at TJX-branded stores in the U.S. fell short of expectations in the second quarter, which the company attributed to high inflation.
The Framingham-based retail company, which owns and operates the brands T.J. Maxx, Marshalls, HomeGoods, Homesense, and Sierra, reported a 5% decrease in U.S. comparable store sales in its second quarter, which ended July 30, according to a Wednesday press release.
Net sales for the company, including all stores and their respective e-commerce sites, were $11.8 billion, a decrease of 2% compared to the same quarter last year.
Ernie Herrman, TJX’s CEO and president, said the company is convinced the flexibility of its off-price business model and its value proposition will allow it to weather the current economic storm.
“We see a marketplace flush with off-price buying opportunities for branded, high-quality product,” he said.
The company’s second quarter profit was $809 million, an increase over $785 million in the same time period for 2021. Also in the second quarter, TJX opened 21 new stores around the world.
The stock price of TJX opened on the New York Stock Exchange at $65.98 per share on Wednesday morning and closed for the day at $68.54.
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