(Reuters) – TJX Cos Inc beat quarterly net sales estimates on Wednesday as Americans returned to its discount stores following speedy COVID-19 vaccinations and the easing of restrictions.
Hamstrung by a relatively nascent online business, off-price retailers including TJX’s TJ Maxx and Ross Stores Inc suffered sales drop last year when the pandemic shuttered the economy and accelerated a shift to e-commerce.
But the sector, which relies heavily on the treasure-hunt shopping experience it offers, is expected to rebound this year thanks to pent-up demand from customers who are flush with stimulus checks.
Overall comparable sales growth rose 16% from fiscal 2020 at TJX stores that remained open during the first quarter.
TJX said second-quarter comparable store sales trends at stores that are open remain similar to the first quarter.
Net sales rose to $10.09 billion in the first quarter, from $4.41 billion a year earlier. Analysts on average had expected a figure of $8.62 billion, according to IBES data from Refinitiv.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Aditya Soni)
