US-based department store chain TJX Companies is reportedly planning to expand its presence by adding 1,800 new stores worldwide.
The parent company of TJ Maxx and Marshalls, TJX also plans to test a new home store different from its HomeGoods chain and did not disclose any relevant details.
AP reported TJX Companies CEO and president Ernie Herrman saying: “Looking ahead, we feel great about our prospects for growth in the near and long-term and building our market share.”
TJX has more than 3,800 stores with annual sales of $33.1bn. In North America alone, the company may open 1,300 more stores.
For the fourth quarter and the fiscal year ending 28 January, the off-price retailer of apparel and home fashions reported an increase in net sales by 6% to $9.5bn, which is an increase of more than 8% than last year.
Consolidated comparable store sales for the fourth quarter also rose 3%, over last year’s 6% increase, while net income for the fourth quarter stood at $678m.
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Herrman added: “Our consolidated comp sales increased a strong 5%, above our plan and over 5% growth last year, and earnings per share growth exceeded our expectations.
“Our 3% consolidated comp store sales increase and earnings per share of $1.03 both exceeded our expectations.”
As of the end of TJX’s fiscal year, the company operated a total of 3,812 stores in the US, Canada, the UK, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites.
Image: TJ Maxx store in Ypsilanti, Michigan, US. Photo: courtesy of Dwight Burdette via Wikipedia.