Via
Reuters
Published
February 23, 2022
TJX Cos Inc missed Wall Street estimates for quarterly sales on Wednesday, hit by temporary store closures and fewer customers visiting its stores due to the COVID-19 pandemic .
Shares of the company that owns TJ Maxx, fell about 7% to $60.40 in pre-market trading.
Pandemic restrictions in Europe and Canada due to the rapidly spreading Omicron variant have hit TJX sales growth, although the company said its fourth-quarter sales had trending higher before the number of Omicron cases spiked.
The company’s net sales rose to $13.85 billion in the quarter ended January 29, from $10.94 billion a year earlier. According to Refinitiv IBES data, the analyst estimate is $14.22 billion.
HomeGoods owners’ net income rose to $940.2 million, or 78 cents per share, from $325.5 million, or 27 cents per share, a year earlier.
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