X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FRAMINGHAM, MA-Coming off a strong 2007, TJX Cos. will expand nearly all of its divisions both in the US and internationally in the coming year, executives said at the company’s fourth quarter conference call

The company will expand all of its domestic brands except Bob’s Stores this year, as well as new units in Canada, Germany and the United Kingdom, for an overall 4% increase in space. Ultimately, the company plans to open up to 400 additional units in its Marmaxx division alone in coming years, 200 more than previously estimated, said Carol Meyrowitz, president and CEO.

“We view ourselves as a global off-price value company with tremendous growth opportunities,” Meyrowitz said.

The Marmaxx division, which consists of TJ Maxx and Marshalls stores, will expand by 45 stores net of closings, to end the year with 1,168 stores. HomeGoods will see a net expansion of 25 stores to end the year with 314 units. AJ Wright will add five net new stores for a total of 134 stores. The company also plans to open a net of 16 stores in Canada for a total of 278 units, five stores in Germany for a total of 10 stores, and 10 TK Maxx and five HomeSense stores in the United Kingdom for 236 stores total.

Net sales from continuing operations for the year were $18.6 billion, a 7% increase over the previous year. Consolidated comparable-store sales rose 4%. Income from continuing operations for the 52-week fiscal year was $772 million.

For the fourth quarter, net sales from continuing operations increased 8% from the same period last year to $5.5 billion. Comp-store sales rose 4%. Income from continuing operations for the fourth quarter was $301 million.

During the just completed fiscal year, the company added a total of 97 stores, net of closings, to end the year with 2,563 stores, and increased square footage by 4% over the same period last year. TJ Maxx opened a net 26 stores, Marshalls a net 38 stores, Winners seven net new stores and HomeSense three net new stores, HomeGoods 29 net new stores, and TK Maxx six net new stores. Bob’s ended the year with two fewer stores and AJ Wright remained flat.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.