TJX Same-Store Sales Up 3% in 1Q
Framingham, Mass. TJX Cos. announced net sales for the first quarter ended April 26, 2008, increased 6% to $4.4 billion, and same-store sales increased 3% over last year. Net income for the quarter was $194 million.
Results include a benefit of $12 million, due to tax-related adjustments that were unanticipated at the beginning of the quarter.
“We are pleased with our first-quarter performance, as we once again drove strong sales, merchandise margins and profit growth despite the challenges of the consumer environment and unfavorable weather in the first two months,” Carol Meyrowitz, president and CEO of TJX said in a company statement.
“While we continue our sharp execution of our off-price business model and deliver strong results, we are also funding our expansion domestically and internationally,” Meyrowitz said. “We are excited by our prospects for growth in Europe, having opened our first HomeSense stores in the U.K. and another T.K. Maxx store in Germany. As we move into the second quarter, we are very well positioned to continue to capitalize upon merchandise opportunities and deliver great value to our customers.”
Kanter to leave Michaels end of May
IRVING, Texas Michaels Stores has announced that Harvey Kanter, evp and managing director, has decided to leave the company effective May 25 to pursue a top leadership role at another company.
Brian Cornell, ceo, said, “Harvey has made significant contributions to Michaels by assisting in our transformation to a consumer-driven organization and we appreciate his service. He has developed a strong team and we are confident they will ensure a smooth transition.”
Until Kanter’s replacement is named, the merchandising organization will report to Brian Cornell.
Fresh & Easy boosts own-brand foods
EL SEGUNDO, Calif. Fresh & Easy Neighborhood Market confirmed reports that it will be adding new products to its stores announcing a new selection of fresh&easy own-brand foods to cater to increasing demand.
Following a great customer response and encouraging sales of fresh&easy own-brand food, the company is expanding the range with 250 additional products. Some of the new products include fresh prepared ready meals, new juices and brewed teas, soy and goat yogurt, and a range of ready-to-grill meats. .