T.J. Maxx Owner Says Overseas Covid Closures Cost $1 Billion
(Bloomberg) -- TJX Cos., which owns the T.J. Maxx and Marshalls brands, estimates it lost about $1 billion in revenue in just the last quarter alone due to temporary Covid-19 store closures abroad.
The Framingham, Massachusetts-based company said stores were closed 63% of the time in Europe and 32% of the time in Canada in the fourth quarter, which covers the crucial holiday selling season. Stores in the U.S., TJX’s biggest market, were mostly open during the fourth quarter.
The estimate of lost international sales came as the retailer reported net sales that missed estimates.
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