The TJX Companies, Inc. TJX has posted dismal first-quarter fiscal 2021 results, wherein the top and bottom lines declined year over year. Despite a solid sales trend in February on comps growth of 5% stemming from robust traffic and strong performance across all four major divisions, temporary store closures due to COVID-19 and expenses related to inventory write-down and payroll hurt results. This was somewhat offset by significant cost cutting efforts and government credits related to COVID-19.
Going ahead, management withheld first-quarter and fiscal guidance due to unprecedented COVID-19 impact, including consumer demand, store closures and a challenging retail environment.
Net Sales by Business Segment
The Company’s net sales by division, in the first quarter, were as follows:
|Net Sales ($ in millions)1,2|
|TJX International (Europe & Australia)||$572||$1,231|
1Net sales in TJX Canada and TJX International include the impact of foreign currency exchange rates. 2Figures may not foot due to rounding. 3Combination of T.J. Maxx and Marshalls. 4Net sales include Sierra’s e-commerce and store sales. 5Includes Homesense stores in the U.S.