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Discount retailer TJX Cos., which operates T.J. Maxx and Marshalls among other stores, envisions opening as many as 1,400 new stores, including 150 this year.
Speaking during the company's fiscal fourth-quarter earnings call, TJX CEO Ernie Herrman offered the latter number as a goal for 2023 but didn't say how long it would take to add 1,400 locations.
Overall, TJX turned in a solid quarter, with combined comparable store sales at Marshalls and T.J. Maxx locations up 7%. Both brands reported strong sales in apparel and accessories. Earnings per share came in at 89 cents for Q4, up 14% year-over-year.
"After a couple of softer quarters, TJX has rounded off its fiscal year with a positive set of numbers that buck some of the gloom surrounding the retail sector," GlobalData Managing Director Neil Saunders said in a note to clients, as reported by CoStar.
During its fiscal year ended Jan. 28, TJX opened a net of 146 stores, increasing its square footage 3% year-over-year. It now has a total of 4,835 stores, including nearly 1,300 T.J. Maxx locations and over 1,180 Marshalls, as well as almost 900 HomeGoods.
Retail edged toward a comeback in 2022, with national retail vacancy at 5.7% at the end of the year, according to Cushman & Wakefield, the lowest level since 2007, before the Great Financial Crisis.
Despite store closures among Bed Bath & Beyond and several other chains, in-store shopping has regained ground, and discount retailers like T.J. Maxx often benefit in tough economic times as shoppers seek deals.
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