TJX, Burlington, Ross, and Other Discount Clothing Stores Seeing Big Gains in June
According to recent analysis, discount clothing stores in the United States may be bouncing back faster from COVID-19 than higher-priced apparel retailers. Some of the companies enjoying a rapid return to viable levels of foot traffic include Burlington Stores (NYSE: BURL), Ross Stores (NASDAQ: ROST), and TJX (NYSE: TJX), parent company of Marshalls, TJ Maxx, and other brands.
At least some of the retailers saw year over year sales gains in January and February, before the arrival of COVID-19 on America's shores. According to TJX's fiscal Q1 2021 earnings results, posted on May 21, comparable store sales, or comps, rose more than 5% year over year in February 2020. At that time, with TJX's stores having been reopened for only 19 days before the report, CEO Ernie Herrman stated, "Although it's still early and the retail environment remains uncertain, we have been encouraged with the very strong sales we have seen with our initial reopenings."
Image source: Getty Images.
Source Fool.com
