(C) Reuters. FILE PHOTO: 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 (NYSE:TJX) Cos Inc beat quarterly net sales estimates on Wednesday as Americans returned to its discount stores following speedy COVID-19 vaccinations and the easing of restrictions.
Hamstrung by a relatively nascent online business, off-price retailers including TJX’s TJ Maxx and Ross Stores Inc (NASDAQ:ROST) suffered sales drop last year when the pandemic shuttered the economy and accelerated a shift to e-commerce.
But the sector, which relies heavily on the treasure-hunt shopping experience it offers, is expected to rebound this year thanks to pent-up demand from customers who are flush with stimulus checks.
Overall comparable sales growth rose 16% from fiscal 2020 at TJX stores that remained open during the first quarter.
TJX said second-quarter comparable store sales trends at stores that are open remain similar to the first quarter.
Net sales rose to $10.09 billion in the first quarter, from $4.41 billion a year earlier. Analysts on average had expected a figure of $8.62 billion, according to IBES data from Refinitiv.
TJ Maxx parent beats sales estimates as Americans return to stores
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