For the quarter ended Aug. 1, the loss was 18 cents a share, compared with profit of $759 million, or 62 cents, in the year-earlier quarter. Analysts surveyed by FactSet were looking for a loss of 10 cents for the latest quarter.
TJX posted revenue of $6.67 billion, down 32% from $9.78 billion in the year-ago quarter. The latest figure beat the FactSet analyst forecast of $6.55 billion.
At last check TJX shares traded at $54.60, down 5%. They have slipped 6% so far this year.
“For the quarter, we were very pleased that both our top and bottom lines well exceeded our internal plans, despite our stores only being open for a little more than two-thirds of the second quarter, and that our merchandise margin was excellent,” TJX Chief Executive Ernie Herrman said in a statement.
“Further, we saw especially strong sales at our HomeGoods and Homesense chains, as well as the home departments within our other chains, across geographies. Specifically, HomeGoods delivered double-digit, open-only comparable-store sales increases each month of the quarter.”
Looking at the future, “we are confident that when more customers are comfortable with in-store shopping, we will be in a great position to continue gaining market share,” Herrman said.
At the end of the quarter TJX had $6.6 billion of cash on hand. During the second quarter, it paid off the $1 billion it drew down from its revolving-credit facilities in March 2020.
TJX decided not to declare a dividend for the fiscal third quarter, and has suspended its share buyback.
At quarter-end, TJX operated 4,557 stores, up 12 from the end of the first quarter. More than 4,500, or about 99%, of the stores are now open, TJX said.