Discount store operator TJX Cos Inc said on Thursday it was drawing down $1 billion from its existing credit line and suspending its share buyback program, in a difficult period brought on by the coronavirus pandemic.
Having reported solid growth in fiscal 2019, the off-price fashion retailer has revealed that it is planning to shutter its e-commerce operations in order to concentrate on its brick-and-mortar stores.
Nordstrom forecast a 2020 profit largely below market expectations on Tuesday, after the upscale apparel retailer missed estimates for fourth-quarter revenue, sending its shares down nearly 8% in after-market trading.
The global fashion market should grow by 64 billion dollars in five years, according to Kantar. Approximately half of that will come from five major players: Fast Retailing, Inditex, H&M, TJX and Old Navy.
The U.S. holiday shopping period may heighten Wall Street's perception of a growing divide between retailers adapting to online sales and those unable to shake their reliance on dwindling shopping mall traffic.