TJX's quarterly sales more than halve amid pandemic

TJX's quarterly sales more than halve amid pandemic

TJX Cos Inc's first-quarter sales more than halved on Thursday, as the off-price retailer's stores and online operations remained shut for most of the quarter due to coronavirus-led lockdowns.

A T.J. Maxx store which is owned by TJX Cos Inc in Pasadena
A T.J. Maxx store which is owned by TJX Cos Inc in Pasadena, California U.S., May 15, 2017. REUTERS/Mario Anzuoni

REUTERS: TJX Cos Inc's first-quarter sales more than halved on Thursday, as the off-price retailer's stores and online operations remained shut for most of the quarter due to coronavirus-led lockdowns.

For the three months ended May 2, net sales fell to US$4.41 billion from US$9.28 billion a year earlier.

The company reported a net loss of US$887.5 million, or 74 cents per share, compared with a profit US$700.2 million, or 57 cents per share.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli)

Source: Reuters

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