The TJX Companies, a US-based off-price apparel and home fashions retailer, posted 129 per cent sales growth to $10.0 billion in its first quarter (Q1) FY22 ended on May 1, 2021, compared to the sales of $4.4 billion in the corresponding period of previous fiscal. The company’s net income for the quarter rose to $533.9 million (Q1 FY21: loss $887.5 million).
“Once again, we saw phenomenal performance in our home businesses across all of our divisions. We also saw strong open-only comp store sales increases in many other categories and positive open-only comp store sales in overall apparel, which we believe benefitted from consumers beginning to resume more normal activities,” Ernie Herrman, chief executive officer and president of TJX Companies, said in a press release.
Cost of sales during Q1 FY22 was to $7.2 billion ($4.4 billion), while selling, general and administrative expenses were $2.0 billion ($1.3 billion).
Sales of Marmaxx (US) increased to $6.6 billion ($2.7 billion), while HomeGoods (US) sales rose to $2.1 billion ($760 million). TJX Canada’s sales for the reported period was $766 million ($380 million), however TJX International (Europe & Australia) sales slipped to $539 million ($572 million).
“Our US divisions delivered outstanding double-digit open-only comp store sales increases, and sales at our international divisions were very strong when their stores were permitted to be open. Clearly, our treasure-hunt shopping experience, eclectic mix of merchandise, and great brands and values continue to resonate with shoppers across our geographies,” Herrman added.
“As we start the second quarter, overall open-only comp store sales trends remain similar to the first quarter. While the environment remains uncertain, particularly internationally, we are convinced we are strongly positioned as we emerge from this health crisis. Looking ahead, we see numerous opportunities to capture additional market share around the world and are excited about the runway for growth we see for TJX,” Herrman concluded in the release.
