Framingham, Mass. – Baskets had been greater, mark-ups had been greater and mark-downs had been fewer – a formulation that generated robust outcomes for TJX Cos. within the fourth quarter and financial yr.
House continues to be a vacation spot division for the corporate. House comps at Marmaxx shops within the U.S. topped 20% in This fall, on a par with the efficiency of house specialty unit HomeGoods. At TJX Canada and within the firm’s European and Australian operations, house gross sales out-performed attire throughout the yr.
TJX Cos. noticed constant power throughout all main classes for each U.S. HomeGoods and House Sense shops final yr, with wholesome will increase in basket and common visitors.
“We’re satisfied that we captured further share of the house market in 2021 as our eclectic mixture of merchandise and nice values proceed to resonate with customers,” mentioned Ernie Herrman, CEO and president of The TJX Corporations Inc.
Different key take-aways from this morning’s quarterly name with analysts:
Pricing: TJX Cox. Is within the early levels of a multi-year initiative to boost retail costs as it really works to rebuild historic margin charges. “Importantly, our prospects inform us that our price proposition within the market stays very robust, and buyers proceed to see superb values each time they go to,” mentioned Herrman.
Promotional exercise: As a result of all retailers are constrained by greater freight and wage prices, TJX isn’t anticipating a swift return to promotional exercise by rivals – and Herrman mentioned that to date retailers aren’t seeing any.
Sourcing: The corporate opened hundreds of recent distributors final yr and is especially involved in signing manufacturers which might be getting squeezed out of different retailers by retailer closures. “Oh my gosh, the supply,” mentioned Herrman. “Over the previous few weeks, we’re seeing a ramp up in availability throughout good, higher and finest.”
Retailer enlargement: This yr, TJX Cos. plans to open 50 Marmaxx shops, 30 HomeGoods items, 20 Sierra Buying and selling areas and 10 House Sense shops within the U.S. It additionally plans 20 new shops for TJX Canada.
Sustainability: The corporate is getting ready to institute extra aggressive sustainability objectives, which might be introduced within the spring.
Divisional outcomes for the fourth quarter ended Jan. 29 embrace:
HomeGoods: Open-only comparable retailer gross sales climbed 22% and whole comp was up 5% in comparison with the prior yr This fall. Web gross sales of $2.5 billion had been up 13% year-over-year and up 29% in comparison with two years in the past.
Marmaxx U.S.: Open-only comparable retailer gross sales elevated 10% and whole comp was up 6% in comparison with the prior yr This fall. Web gross sales of $8.3 billion had been up 20% year-over-year and up 12% in comparison with two years in the past.
TJX Canada: Open-only comparable retailer gross sales elevated 1% and whole comp was up 4% in comparison with the prior yr This fall. Web gross sales of $1.255 billion had been up 50% year-over-year and up 11% in comparison with two years in the past.
Consolidated TJX Cos. web gross sales, which embrace outcomes from TJX retail operations in Europe and Australia, rang in at $13.85 billion, up 27% year-over-year and up 14% in comparison with two years in the past. Web revenue of $940 million was practically triple final yr’s revenue however down practically 5% in comparison with two years in the past.
For the total fiscal yr, consolidated web gross sales had been $48.5 billion, up 51% from the earlier fiscal yr and up 16% in comparison with the fiscal yr led to January 2020. Web revenue rose to $3.28 billion from web revenue of $90 million within the earlier FY and web revenue of $3.27 billion two years in the past.
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