T.J. Maxx and Marshalls parent The TJX Cos. Inc. is making up ground lost during the pandemic last year — and topping its 2019 numbers.
The off-pricer gained ground in the first quarter — against the lockdown-stricken quarter a year earlier and the same period in 2019. Sales of $10.1 billion marked a 129 percent rise from the comparable quarter in 2020 and a 9 percent gain from the first quarter of 2019.
But COVID-19 restrictions are still weighing on the company. While its U.S. stores were open in the first quarter, stores in Europe were closed for about 76 percent of the period, while the store fleet in Canada was dark for about 25 percent of the quarter.
Altogether the company said stores were closed for about 14 percent of the quarter, compared with 50 percent a year ago.
TJX’s net profits for the three months ended May 1 tallied $533.9 million and compared with losses of $887.5 million in the first quarter of last year.
Ernie Herrman, chief executive officer and president, said while the home business continued to be very strong, the apparel category appeared to be benefiting as consumers start to “resume more normal activities.”
“Clearly, our treasure-hunt shopping experience, eclectic mix of merchandise, and great brands and values continue to resonate with shoppers across our geographies,” Herrman said. “While the environment remains uncertain, particularly internationally, we are convinced we are strongly positioned as we emerge from this health crisis.”
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