T.J. Maxx and HomeGoods are reaping huge benefits from store closures and shopping slowdowns that are crushing other retailers
, one company is reaping the benefits: TJX, the parent company of discount chains like T.J. Maxx and HomeGoods.
TJX reported $14.5 billion in sales during the fourth quarter, a 5% increase compared to 2022. CEO Ernie Herrman attributed that growth to shoppers, their budgets stretched by inflation, flocking to the company's off-price chains. But he also highlighted how the challenges faced by the rest of the industry have become an unexpected boon for TJX's business.
He described current availability of inventory as"phenomenal," particularly when it comes to higher-end brands, and attributed it to"spill off availability" from other brands who can't purchase as many goods as they once could.
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