TJX Companies Posts a $214 Million Second-Quarter Loss

Nearly all its stores have reopened following COVID-19 shutdowns, but TJX Companies (NYSE: TJX) is still struggling with the impact of the pandemic on its business.

The off-price retailer revealed on Wednesday that sales fell 31% over the months of May, June, and July, mainly thanks to widespread store closures for about one-third of that time. That result represented an improvement over the 50% slump in the prior quarter and surpassed management's expectations. "We were very pleased that both our top and bottom lines well exceeded our internal plans," CEO Ernie Herrman said in a press release.

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Source Fool.com