Written by Jordyn Holman and Gerald Porter Jr.
(Bloomberg) — TJX Cos., the owner of the T.J. Maxx and Marshalls chains, fell the most in more than four months after predicting that sales at opened stores will drop as much as 20% in the current quarter, casting doubts about its ability to lure discount-seeking shoppers back amid the pandemic.
The Framingham, Massachusetts-based company expects comparable store sales — a key metric for retailers — to decline by 10% to 20% at stores that are opened in the third quarter ending in November. Second-quarter results were hit by temporary closures for almost one-third of the period, the company said. TJX has since reopened more than 4,500 stores in nine countries. For more details on the results, see here.
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