When TJX Cos., parent of TJ Maxx, Marshalls and Home Goods, announced it would acquire off-price internet retailer Sierra Trading Post for $200 million, it was more than a smart buy. The purchase signified something much bigger: The company was finally taking e-commerce seriously. CEO Carol Meyrowitz declared to investors the company would use Sierra Trading Post's web savvy and infrastructure to build out its own e-commerce sites.
NEW YORK — In a month that was solid overall, the discount sector showed its muscle, turning in a strong February same-store sales performance nearly across the board. After suggesting last week that sales had accelerated and returned to a pre-holiday pace, Target reported Thursday that same-store sales for the month rose 7%, beating Wall Street’s expected 5.2%. Total sales during the period rose 8% to $5.13 billion, boosted by strength in the food, healthcare and beauty categories. Accessories and apparel performed above average as well. Meanwhile, TJX saw same-store sales surge 9%, beating the 7% gain expected by
The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced sales and earnings results for the fiscal year and fourth quarter ended January 28, 2012. All earnings per share figures reflect the Company’s recent two-for-one stock split. Net sales for the 52-week fiscal year were $23.2 billion, a 6% increase over last year. Consolidated comparable store sales for the year increased 4% over the prior year’s 4% increase. Income from continuing operations for the 52-week fiscal year was $1.5 billion, and diluted earnings per share from continuing
Framingham, Mass. -- The TJX Cos. announced Wednesday several senior management shifts, including moving current Marmaxx Group head Michael MacMillan to the company’s European division. MacMillan, who has been in charge of the company’s largest division comprised of T.J. Maxx and Marshalls, will now be senior executive VP of TJX Europe. MacMillan replaces Paul Sweetenham, who recently resigned. The current president of HomeGoods, Richard Sherr, will return to Marmaxx Group as senior executive VP. The company said that Ernie Herrman will continue as TJX president, a title he assumed in February 2011, and will continue to report to Carol
In a rare interview, TJX CEO Carol Meyrowitz explained how conventional wisdom is wrong when it comes to T.J. Maxx and Marshalls. Meyrowitz says 85 percent of what the stores sell is from the same season and same year it was designed for, and 85 percent is purchased directly from manufacturers. Much is identical to what the brands sell in department stores, she insists.