T.J. Maxx and HomeGoods are reaping huge benefits from store closures and shopping slowdowns that are crushing other retailers
, one company is reaping the benefits: TJX, the parent company of discount chains like T.J. Maxx and HomeGoods.
TJX reported $14.5 billion in sales during the fourth quarter, a 5% increase compared to 2022. CEO Ernie Herrman attributed that growth to shoppers, their budgets stretched by inflation, flocking to the company's off-price chains. But he also highlighted how the challenges faced by the rest of the industry have become an unexpected boon for TJX's business.
He described current availability of inventory as"phenomenal," particularly when it comes to higher-end brands, and attributed it to"spill off availability" from other brands who can't purchase as many goods as they once could.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
T.J. Maxx parent sees weak annual profit pressured by rising costsTJX Cos Inc forecast annual profit below analysts' expectations on Wednesday, as the off-price retailer faces pressures from supply chain costs as well as stubbornly high inflation, which could likely dampen consumer spending.
Leer más »
10 ways to stop self-sabotaging behaviors that cost you hold you backInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Leer más »
Microsoft trying to decrease Bing AI's unsettling answersMicrosoft knows Bing's AI chatbot gives out some eyebrow-raising answers. An exec said decreasing them is a priority.
Leer más »
How to make money on Medium from a writer who makes $11,000 a monthInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Leer más »
Mormon Church to pay out settlement over allegations it hid billionsThe Mormon Church settles allegations it hid $32 billion in investments. A top exec said the church was worried its staggering wealth would cause members to stop donating.
Leer más »
Amazon employees plan to fight against return-to-office policyAmazon's internal Slack channel blows up after employees are told to return to office. Now they're creating a petition to fight back.
Leer más »