Edition:
India

TJX Reports Q2 Sales Of $6.7 Bln


Wednesday, 19 Aug 2020 

Aug 19 (Reuters) - TJX Companies Inc ::Q2 LOSS PER SHARE $0.18.Q2 SALES $6.7 BILLION.Q2 FY21 OVERALL OPEN-ONLY COMP STORE SALES WERE DOWN 3%.MORE THAN 4,500 OF WORLDWIDE STORES, AND EACH OF ITS ONLINE SHOPPING WEBSITES, ARE REOPENED.QTRLY MARMAXX (U.S.) NET SALES $3.96 BILLION VERSUS $6.11 BILLION REPORTED LAST YEAR.TJX COMPANIES - EXPERIENCED VERY STRONG INITIAL SALES ACROSS RETAIL BANNERS UPON REOPENING, SOME OF WHICH WAS DUE TO PENT-UP CONSUMER DEMAND.TRAFFIC AND SALES MODERATED AS IT MOVED THROUGH Q2 AND INTO Q3.QTRLY MARMAXX (U.S.) OPEN-ONLY COMP STORE SALES DOWN 6%.WAS NOT ABLE TO OPTIMIZE INVENTORY FLOW BACK TO ITS STORES, PARTICULARLY IN CANADA.TOTAL INVENTORIES AS OF AUGUST 1, 2020, WERE $3.7 BILLION.HAS PUT STRATEGIES IN PLACE TO MITIGATE SOME OF INVENTORY DELAYS.DOES NOT EXPECT TO DECLARE A DIVIDEND IN Q3 OF FISCAL 2021 AND HAS SUSPENDED ITS SHARE BUYBACK PROGRAM.TEMPORARILY REPORTING A NEW SALES MEASURE: OPEN-ONLY COMP STORE SALES.FOR Q3, CO IS PLANNING OVERALL OPEN-ONLY COMP STORE SALES TO DECREASE IN RANGE OF 10% TO 20%.NOT PROVIDING A FINANCIAL OUTLOOK FOR FISCAL 2021 AT THIS TIME.EXPERIENCED VERY STRONG INITIAL SALES ACROSS ALL OF ITS RETAIL BANNERS AND COUNTRIES UPON REOPENING.HAS PUT STRATEGIES IN PLACE TO MITIGATE SOME INVENTORY DELAYS.Q2 EARNINGS PER SHARE VIEW $-0.10, REVENUE VIEW $6.57 BILLION -- REFINITIV IBES DATA.SAW ESPECIALLY STRONG SALES AT HOMEGOODS AND HOMESENSE CHAINS, AS WELL AS HOME DEPARTMENTS WITHIN OTHER CHAINS IN QUARTER.