The TJX Companies reports 20 percent rise in comp store sales against Q220

The TJX Companies, Inc. reported net sales for the second quarter of 12.1 billion dollars, an increase of 81 percent versus the second quarter of fiscal 2021 in which stores were closed for approximately 31 percent of the quarter due to the Covid-19 global pandemic.

Net sales for the quarter increased 23 percent versus the second quarter of fiscal 2020, while overall open-only comp store sales increased 20 percent.

The company added that net income was 786 million dollars and second quarter diluted earnings per share were 64 cents. For the second quarter, the company’s consolidated pretax profit margin was 8.7 percent.

H1 net sales hit 22.2 billion dollars

Commenting on the company’s performance, Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., stated in a release: “I am extremely pleased with our overall open-only comp store sales increase of 20 percent over fiscal 2020 and very strong bottom line results, both of which were well above our plans for the second quarter.

“We are confident in our ability to reach our long-term strategic vision of TJX becoming a 60 billion dollars company.”

For the first half of fiscal 2022, net sales were 22.2 billion dollars, an increase of 100 percent, while net sales increased 16 percent versus the first half of fiscal 2020. Overall open-only comp store sales increased 18 percent compared to the first half of fiscal 2020.

Net income for the period was 1.3 billion dollars and diluted earnings per share were 1.08 dollars.