TJX Cos Inc forecast current-quarter same-store sales to fall up to 20% after reporting a bigger-than-expected loss for the previous three months, sending the off-price retailer’s shares down about 7%.
Forget fast or slow fashion, now it’s ground to a halt. A mountain of apparel stock has been piling up in stores, distribution centers, warehouses and even shipping containers during months of COVID-19 lockdowns.
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.