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.
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.