TJX reports $786M profit in Q2
Photo | Grant Welker
The TJX Cos. reported a 5% decrease in U.S. comparable store sales in its second quarter, which ended July 30.
Framingham retail store parent company TJX Cos. Inc. reported a profit of $786 million for the company’s second quarter according to an earnings report released last Wednesday.
The new net income shows a nearly billion dollar turnaround for TJX whose previous year’s earnings resulted in a net loss of $214 million.
“Net sales for the second quarter of Fiscal 2022 were $12.1 billion, an increase of 81% versus the second quarter of Fiscal 2021 in which stores were closed for approximately 31% of the quarter due to the COVID-19 global pandemic,” the press release stated.
Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., cited merchandise diversity, the treasure-hunt shopping experience, and the efficiency of the company’s global distribution center for the double-digit sales increase.
“Sales are very strong as we start the third quarter, with overall open-only comp store sales up mid-teens. While the environment remains uncertain, particularly with the Delta variant, we are convinced that TJX is in a position of strength, Herrman said.
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