TJX CEO Says Disappointing 2Q Results at Marmaxx Unit were 'Self-Inflicted'

Dow Jones08-20

1310 ET - TJX Companies says HomeGoods, TJX Canada, and TJX International all delivered "terrific comp sales increases of 6% to 7%," but sales at Marmaxx--the company's largest segment consisting of its T.J. Maxx and Marshalls banners--fell short. "At Marmaxx, we believe we could have executed our store mix better, and by that I mean we could have been sharper on having the right goods in the right stores at the right time," CEO Ernie Herrman says on a call with analysts. "We are convinced that the issues were self-inflicted and within our control, and we have made good progress working through them," he adds. Looking ahead, Herman notes that trends are improving so far in 3Q, and he remains optimistic that will continue into the holiday selling season. TJX falls 3%.

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