The parent company of Marshalls, T.J. Maxx, and HomeGoods likes to keep its customers guessing. Inventory of discounted merchandise currently comes from 20,000 vendors in over 100 countries, with an aim to keep its global base of 4,000 stores filled with ever-changing stock. Net sales for 2017 were $35.9 billion, up 8% from 2016. It was a bit of a bumpy sophomore year for CEO Ernie Herrman, after it was disclosed that his total compensation in 2017 was 1501 times higher than the company’s median employee–one of the highest ratios of any publicly-traded company.
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Comparable sales jumped 1.3% during the holiday break.
But it should have closed all those stores sooner.
The increase takes effect next month and will cost $300 million on top of wage hikes that were already planned.
The company also wants a smaller presence at off-price chains.