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TJX beats street in December
TJX reported same-store sales of 2% December, beating Wall Street estimates for a 2.5% decline. Total sales rose 6% to $3 billion.
"I am extremely pleased with December's sales results, as we significantly exceeded our plans during this important period," TJX CEO Carol Meyrowitz, CEO, TJX.
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Rethinking the return of the consumer
Expectations outpaced the willingness of consumers to spend during December, as large numbers of retailers reported results that were less than expected. Weather certainly affected the ability of shoppers to get to stores, as heavy rains pelted California and blizzards hit the Northeast, but that type of stuff happens in December. A bigger factor was that retailers were victims of their own success. Recall November was something of a promotionpalooza and shoppers found offers that arrived early and often to be irresistible.
