The growth of off-price department store corporation TJX slowed in fiscal year 2023.
The slowdown comes after two years of rapid growth.
- TJX announced on Wednesday that comparable sales at TJX's HomeGoods and HomeSense stores declined by 7% YoY in Q4.
- Sales at the company's T.J. Maxx, Marshalls, and Sierra locations rose by 7% YoY over the same period.
- Comp store sales at TJX's U.S. locations rose by 4% in Q4, up from 13% last year.
- Despite growth in the fourth quarter, TJX's comp store sales at U.S. locations in FY 2023 were flat compared to 17% growth last year.
- The company expects the comp store sales of its U.S. locations to grow by 2% to 3% in Q1 and over the full 2024 fiscal year.
