Can TJX Companies Succeed During COVID-19?
It was no surprise that TJX Companies (NYSE: TJX) delivered a stinker of first-quarter earnings report. The company shut down all of its stores and even its e-commerce site when the pandemic hit in March.
What was surprising, however, was that sales came roaring back as soon as the company reopened stores. TJX, which is the most valuable American apparel retailer, owns TJ Maxx, Marshall's, and Home Goods, and began reopening stores on May 2. It now has over 1,600 stores open globally, and of the 1,100 that have been open for more than a week, sales overall are up from a year ago. CEO Ernie Herrman said:
Although it's still early and the retail environment remains uncertain, we have been encouraged with the very strong sales we have seen with our initial reopenings. We believe this very strong start speaks to our compelling value proposition and the appeal of our treasure-hunt shopping experience, as well as pent-up demand.
Source Fool.com
