TJX Scales Back Growth

FRAMINGHAM, MA-Off-price retailer TJX Cos., the operator of Marshalls and TJ Maxx chains, will scale back the expansion of some of its smaller concepts while it strives for better financial results. That was the message of Ben Cammarata, the acting CEO and chairman, who has been in the former role less than a month.

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.