• Jennifer Marks

TJX packing more home into stores

Q2 sales up 6%

TJX packing more home into storesFramingham, Mass. – TJX Cos. sees plenty of room to grow – and to grow home.

Key highlights from the company’s second quarter analyst call this morning:

  • The company added over 20 HomeGoods store-in-stores to existing TJMaxx/Marshalls locations during the quarter and has boosted the goal to adding nearly 100 overall this year.
  • Long term, TJX sees room for up to 5,600 stores under its current banners, about 1,700 more stores than it operates today. The company is opening 260 units between the U.S. and international markets this year.
  • The first U.S. HomeSense store, which opens Aug. 17 in Framingham, will have some “surprises” in addition to its previously announced categories. Additional HomeSense stores will open this fall on Sept. 7 in East Hanover, NJ, and on an unspecified date in October in Ocean, NJ.
  • Pets and kids categories will be featured only at HomeGoods.

“In a retail landscape that is changing, with volatility in traditional retail and the growth of e-commerce in general, we believe TJX is in a very good position,” said Ernie Herrman, ceo and president of The TJX Companies Inc.

For the second quarter ended July 29, total sales rose 6% to $8.4 billion, with consolidated comp up 3% on top of a 4% increase last year. Net income slipped 1.6% to $553 million, with earnings per share at $0.85.

In response to Q2’s results, TJX raised its fiscal year earnings forecast today to $3.78 to $3.82 per share from $3.71 to $3.78.

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See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!