TJX Stock Soars After Another Earnings Beat
The retail industry has experienced massive upheaval over the past two years. In 2020, the COVID-19 pandemic crushed retail traffic and forced many retailers to temporarily close their stores. And while demand has bounced back in 2021, retailers have had to contend with labor shortages, surging freight costs, and severe supply-chain disruptions.
Through it all, TJX Companies (NYSE: TJX) has stood strong. On Wednesday, the off-price retail giant reported another big earnings beat. That sent TJX stock soaring 11% to a record high of $76.92, before eventually ending the day with a solid 6% gain.
U.S. retailers have benefited from red-hot demand throughout 2021. Through the first 10 months of the year, retail sales jumped 18.4%, according to Census Bureau statistics. That enabled TJX to deliver excellent results in the first half of the year. Comparable sales jumped 16% compared to two years earlier in the first quarter and soared 20% in the second quarter, leading to big earnings beats each time.
Source Fool.com
