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TJX Stock Hits All-Time High After Big Earnings Beat

TheMotleyFool

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TJX Stock Hits All-Time High After Big Earnings Beat

The COVID-19 pandemic has been painful for brick-and-mortar retailers that sell nonessential goods like apparel. Off-price titan TJX Companies (NYSE: TJX) was no exception. After years of steady growth, sales plunged by more than half in the first quarter of the current 2021 fiscal year and still haven't returned to growth.

However, parts of TJX's business are performing extremely well during the pandemic. With vaccines likely to become widely available during 2021, TJX stock has rallied strongly this year. A better-than-expected Q3 earnings report supported further gains, enabling TJX stock to touch an all-time high on Wednesday morning before retreating modestly with the rest of the market.