In a bleak environment for retail, the parent company of Marshalls, T.J. Maxx, and HomeGoods continues to dominate the landscape. TJX sells an ever-changing assortment of branded goods at discounted prices a formula that’s become increasingly appealing to value-oriented shoppers and has led to some copycat attempts from the likes of Macy’s and Nordstrom. TJX marked its 40th anniversary with annual sales of $33.2 billion, a 7% increase, and profits of $2.3 billion a strong start for new CEO Ernie Herrman.
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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.