American chain of discount retailers TJX Companies and Ross Stores make a comeback as apparel shoppers crave for treasure hunt – much more than what they did even before the pandemic had hit the globe.
The retail bigwigs are seeing a pent-up demand from apparel shoppers – not surprising considering most of them have had additional stimulus dollars.
The discount retailers also believe that many of the shoppers are looking for better deals as well.
Corroborating further, Ernie Herrman, CEO, TJX, said that TJX Companies see its stores as desirable destination for shoppers looking for some stress relief.
The CEO’s statement came in the wake of Q1 earnings reported recently by both TJX and Ross Stores. Their sales numbers were good enough to indicate that both the retailers have finally come back.
Their sales have surged beyond what analysts and experts had predicted as shoppers flocked the stores of TJX and Ross during the quarter to buy new clothes, shoes and other products.
While TJX saw its Q1 sales jump by 130 per cent to clock US $ 10.09 billion from US $ 4.41 billion last year, Ross’ Q1 sales more than doubled to touch US $ 4.52 billion compared to US $ 1.84 a year before.
Ross is now expecting the compared sales for the full year to grow between 7 and 9 per cent, compared to what it was in 2019.
Both TJX Companies and Ross Stores struggled a lot during the pandemic as both lacked online presence, but now with stores reopened and pent-up demand from shoppers, both the retailers seem to be on their way to growth.
Ross Stores, Inc., operating under the brand name Ross Dress for Less, is a US chain of discount department stores headquartered in Dublin, California, while TJX operates its flagship brand, TJ Maxx (in the US) and TK Maxx (in Europe), Marshalls, HomeGoods, HomeSense, Sierra in the United States, and HomeSense, Marshalls, Winners in Canada.