TJX second quarter sales slow
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TJX's headquarters in Framingham
TJX Cos. has been a rare bright spot in the retail industry, but the Framingham company's same-store sales slowed in the second quarter, it reported Tuesday.
Same-store sales rose 2% from the prior year, TJX said, down from a 6% increase a year ago. Sales were flat in the company's American HomeGoods and Homesense stores, the latter of which TJX launched in 2017 as a new home decor chain. Sales were strongest in Australia and Europe.
Net income for the second quarter was $759 million, compared to $740 million a year ago. Net sales were nearly $9.8 billion, up from $9.3 billion a year prior.
Despite the slowing numbers reported Tuesday, TJX is moving ahead with plans to spend $900 million this fiscal year on offices and distribution centers, including a $170-million, 1.2 million-square-foot distribution facility for which it broke ground in May.
TJX, which also owns T.J. Maxx and Marshalls, opened 31 stores in the second quarter, after a 236-store expansion last year. In all, 230 new locations are slated for this fiscal year. In the long term, the company says it could grow from roughly 4,300 stores today worldwide to 6,100 or so.
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