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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