TJX Stock Looks Appealing After Big Earnings Beat
U.S. home furnishings sales surged during 2020, as people looked to freshen up their homes using their stimulus checks and money saved from spending less on restaurants, travel, and entertainment during the COVID-19 pandemic.
The pandemic has started to ease in recent months. Yet consumers are spending more than ever on their homes. Meanwhile, demand is starting to rebound in merchandise categories that suffered last year, such as apparel and luggage. This enabled off-price giant TJX Companies (NYSE: TJX) to post a massive sales and earnings beat for the first quarter of its 2022 fiscal year. Let's take a look.
TJX's HomeGoods segment (which includes U.S. HomeSense stores) has capitalized on the surge in demand for home-related items. Last year, HomeGoods' open-only comp sales increased 13%. (This metric adjusts for pandemic-related temporary store closures by excluding stores on the days they are closed.) Each of TJX's other three business segments reported full-year declines in open-only comp sales.
Source Fool.com
