In a bleak environment for retail, the parent company of Marshalls, T.J. Maxx, and HomeGoods has continued to dominate the landscape. TJX sells an ever-changing assortment of branded goods at discounted prices — a formula that’s become increasingly appealing to value-oriented shoppers and has led to some copycat attempts from the likes of Macy’s and Nordstrom. Sales were up 6.4% for the year as the off-price retailer with more than 3,600 stores crossed the $30 billion in sales threshold, buoyed by strong performances in home goods, jewelry and accessories, and active wear. Same-store sales were up 5%, driven by higher customer traffic. The company continued its push internationally with the acquisition of Australian chain Trade Secret. E-commerce still remains an insignificant piece of the business, making up just 1% of the company’s total sales. TJX’s fiscal year ending January 30, 2016 marked the end of an era with CEO Carol Meyrowitz, who had an impressive run at the company since 2007. Earlier this year, she handed the CEO reins to Ernie Herrman, but will stay on as the company’s executive chairman for three years.
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Even if consumer spending slows or a recession hits, these companies will beat the competition.
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But it should have closed all those stores sooner.
The increase takes effect next month and will cost $300 million on top of wage hikes that were already planned.