Parent company TJX announced expansion plans to open 1,300 more stores.
Full Video Transcript Below:
I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
It was another record day for the S&P 500 and Nasdaq, with both surpassing the record highs achieved just yesterday.
Investors had to decide what mattered most – a slowdown in inflation or a slowdown in the jobs market. Producer prices were unchanged in May, according to the Labor Department, after a half-percent gain in April. In separate data, new applications for jobless benefits jumped to their highest since August 2023. Both reports further fueled the debate as to whether the Federal Reserve should already be lowering interest rates. The Fed has signaled that only one rate cut is likely this year.
In other news…if you like the hunt of a good deal, well, I have good news for you. TJX, the parent company of Home Goods, TJ Maxx, and Marshalls, is planning a big expansion. The discount retail conglomerate has plans to open 1300 new stores which would increase its footprint by 25 percent.
TJX CEO Ernie Herman said in may that he was “convinced” that there was room enough to grow in key areas “over the long term.”
The retail chain’s ‘this-price-is-to-good-to-be-true’ business model is working. Sales jumped 6 percent to $12.5 billion last quarter and earnings surged 22 percent.
There are currently 1300 TJ Maxx locations in the U.S, 1200 Marshalls, and 900 Homegoods.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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