Search
 

M&As Benefit TJX Results

FRAMINGHAM, MA-TJX Cos. second-quarter profits rise 25% as department store closings bring merchandise and talent to the chain.

By Marita Thomas | Updated on August 16, 2006

FRAMINGHAM, MA-For the third straight quarter, profits rose for locally based TJX Cos., the retailer of discount apparel and home décor under such brands as TJ Maxx and Marshalls. The performance reflects a continuing reversal of fortune for the company that changed top management and reduced executive pay following disappointments in early 2005.

In addition to new management, the company is benefiting from May Co. store closings, acknowledged Ben Cammarata, chairman and acting CEO, during a second-quarter conference call. He cited three major benefits: the availability of hundreds of dollars of merchandise “that won’t be bought by department stores;” a slowdown in the advertising and promotion environment; and “certain talent is available that wouldn’t have otherwise been around.”

The search for talent, especially in the area of merchandising, is “intense,” he said, noting it is “a major focus throughout the entire company.” Specifically, the search is on for VPs of home goods and the AJ Wright division, both of which were identified as weak areas in an otherwise strong-growth environment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.