TJX (TJX), the proprietor of TJMaxx and Marshalls, stated Wednesday that gross sales dropped throughout the vacation stretch as fewer customers picked up garments.
Gross sales at TJMaxx and Marshalls shops in the US open for a minimum of a yr dropped 7% throughout the 13 weeks ending January 30 in contrast with the identical stretch final yr.
Gross sales took a steeper fall in Europe and Canada, the place some shops had been quickly closed final quarter due to the pandemic. TJX estimated these closures this took almost $1 billion off gross sales throughout the quarter.
One shiny spot for the corporate: HomeGoods, the place US gross sales elevated 12% final quarter.
TJX’s inventory fell round 3% throughout pre-market buying and selling.
Regardless of the sluggish vacation interval, some analysts say TJX stays in robust form in the long term.
“TJMaxx and Marshalls are in place. Shoppers stay very worth aware and, as soon as the pandemic is over, many will likely be unwilling to spend massive quantities on clothes,” Neil Saunders, analyst at GlobalData Retail, stated in a notice to purchasers Wednesday.