In today’s top retail news, TJX Companies reported a surge in net sales, while Lowe’s Companies reported soaring comparable sales for its U.S. home improvement business. Plus, Target reported first quarter earnings that exceeded expectations.
The TJX Companies reported net sales of just over $10 billion for the first quarter of fiscal 2022, signifying a nearly 130 percent rise from the first quarter of fiscal 2021. “Once again, we saw phenomenal performance in our home businesses across all of our divisions,” TJX Companies President and CEO Ernie Herrman said in an earnings announcement. The firm added nearly 70 retail locations to its store count in the first quarter, which ended May 1.
Lowe’s Companies announced that comparable sales for the U.S. home improvement business soared by about 25 percent for the first quarter. The firm posted $24.4 billion in total sales for the first quarter, marking a sizable rise from $19.7 billion in the same timeframe the previous year. It also recorded $3.21 in first quarter diluted earnings per share (EPS). “Our outstanding performance continued this quarter, as we delivered strong sales growth and operating margin expansion,” Lowe’s President and CEO Marvin R. Ellison said in an earnings announcement.
Target posted first quarter earnings Wednesday (May 19) that came out ahead of expectations, riding the strength of stimulus checks, private-label clothing and the digital strategy honed during the pandemic. “Just as we saw our guests use our same-day services during the pandemic, using pick up and drive up and ship, we expect those services to be very sticky over time, and certainly we’ve ensured the awareness and the use of those same-day services by two, three, if not four years,” Target Chief Operating Officer John Mulligan said during an earnings call.
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