The company estimated that temporary store closures in Europe and Canada negatively impacted its fourth-quarter sales by about $950 million to $1.05 billion.
The company reached an agreement with existing lenders for $900 million of financing to aid operations while it navigates bankruptcy proceedings in federal court in Corpus Christi, Texas.
Customers are demanding safe shopping experience. That's why retailers must update with touchless, contactless or no-touch payment technology. Shoppers want to stay safe and not touch anything.
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TJX is a leading off-price retailer of apparel, home fashions, and other merchandise. It sells a variety of branded goods, opportunistically buying inventory from a network of over 21,000 vendors worldwide. TJX targets undercutting conventional retailers' regular prices by 20%-60%, capitalizing on a flexible merchandising network, relatively low-frills stores, and a treasure-hunt shopping experience to drive margins and inventory turnover. TJX derived 76% of fiscal 2020 revenue from the United States, with 13% from Europe (mostly the United Kingdom and Germany), 10% from Canada, and the remainder from Australia. The company operated 4,529 stores at the end of fiscal 2020 under the T.J. Maxx, T.K. Maxx, Marshalls, HomeGoods, Winners, Homesense, Winners, and Sierra banners.
| Website: | www.tjx.com |
| Main Phone: | +1 508 390-1000 |
| Address: | 770 Cochituate Road |
| State: | MA |
| City / Town: | Framingham |
| Country: | US |
| Postal Code: | 01701 |
| Exchange: | NYE |
| CEO: | Ernie L. Herrman |
| Employees: | 286000 |
| NAICS: | All Other General Merchandise Stores(452319) |
The company estimated that temporary store closures in Europe and Canada negatively impacted its fourth-quarter sales by about $950 million to $1.05 billion.
The company reached an agreement with existing lenders for $900 million of financing to aid operations while it navigates bankruptcy proceedings in federal court in Corpus Christi, Texas.
Customers are demanding safe shopping experience. That's why retailers must update with touchless, contactless or no-touch payment technology. Shoppers want to stay safe and not touch anything.
Experts believe there will be more retail bankruptcies to come even as businesses start to reopen in parts of the country like Texas and Florida.
As valuations decline, investors should scoop up these quality businesses.
The mall-based retailers' performance underscores continued challenges from online rivals and other low-price competitors.
Macy’s cut profit and sales expectations for the year after posting its first quarterly comparable store sales decline in almost two years.
TJX stock is up 25% since the beginning of the year and still appears attractively valued for long-term investors shopping for a bargain.
Berkshire Hathaway is still sitting on a greater than $100 billion cash pile, unable to find great buys at a “sensible purchase price.”
The company posted record financial results in 2017.
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