Cammarata, formerly CEO of the company between 1976 and 2000, replaced Edmund English who resigned as president and CEO on Sept. 13 amid tough sales results. Carol Meyrowitz, a former TJX executive who was most recently a consultant for the retailer, was named president last week.
During TJX's latest quarter, which ended July 30, year-over-year same-store sales inched up 1%, and they increased 2% for the first half of the year. Earnings per share in the first half were $0.55, down from $0.56 during the same year-ago period.
TJX executives' first step to improve results was to discontinue its e-commerce business, which was on track to lose $15 million this year. After this month, the company's websites will only be used for marketing purposes.
The company is also slowing down the roll out of its AJ Wright, HomeGoods and Bob's Stores chains. The expansion of AJ Wright, a moderate-income concept with 148 units, will be dropped to 10 stores next year, down from the 25 that were planned to open this year. Future plans for the concept will be growth in existing markets. "Our rollout of stores was too aggressive," Cammarata notes.
TJX will only add one Bob's Store next year down from five this year. Camamrata announced plans to introduce more women's offerings at the 35-store sportswear chain, which TJX acquired at the end of 2003 for $59 million.
Meanwhile, at the 238-store HomeGoods home furnishings chain, TJX will only open 15 units in 2006, down from the 40 planned for this year. As for TJ Maxx, Marshalls and Winners (its Canadian concept), the company will open 90 to 100 units, up from just over 60 this year. TJX operates 788 TJ Maxx, 709 Marshalls and 170 Winners.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
