Despite the pandemic continuing to roil the supply chain and keep 470 stores temporarily closed (the “vast majority” in Europe), TJX pulled off third quarter results that beat not only analysts’ expectations, but also its own.
The company’s strong play in home worked to its benefit in the quarter, as stay-at-home orders fuel a boom in the category. Store comps at HomeGoods rose 15%, as they fell 10% at Marmaxx (Marshalls plus T.J. Maxx), 7% in Canada and 6% in Europe and Australia.
The company announced it will roll out e-commerce for HomeGoods later next year. Like most off-pricers, TJX otherwise maintains a slim e-commerce effort in order to encourage an in-store treasure hunt. Rivals Burlington and Ross don’t sell online at all, citing difficult logistics and slim margins in selling apparel through the digital channel.Retail Dive