TJX reported earnings on Thursday, May 21.
In the fiscal first quarter of 2021, the company posted revenue of $4.409 billion, less than half the year-ago total of $9.278 billion. Analysts polled by Investing.com predicted revenue of $5.82 billion for the latest quarter.
TJX registered a net loss of $887.489 million, or 74 cents a share, in the latest quarter, swinging from a profit of $700.178 million, or 57 cents, a year ago. Analysts forecast the latest earnings per share figure would total negative 2 cents.
“The company’s first-quarter results were negatively impacted by the temporary closure of its stores for approximately half of the quarter due to the Covid-19 pandemic,” TJX said in a statement.
TJX CEO Ernie Herrman sees some promising signs.
“We have been pleased to reopen as many stores as we have in May, as well as our e-commerce websites,” he said. “Although it’s still early and the retail environment remains uncertain, we have been encouraged with the very strong sales we have seen with our initial re-openings.”
Jim Cramer says that TJX now has a "runway to its highs."
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