TJX Cos Inc said it was well-positioned for the holiday season, easing concerns of product availability due to supply-chain bottlenecks, after it reported quarterly sales that beat estimates on Wednesday.
The Dublin, California-based off-price fashion retailer announced on Thursday that its executive vice president and chief financial officer, Travis Marquette, has resigned from his role effectively immediately.
Marking the company's first female CFO, Frank will be responsible for the company's finance, tax, treasury, investor relations, asset protection, facilities, operations excellence and strategy functions.
As more school districts roll back their reopening plans to curb the spread of coronavirus, major retailers are aggressively discounting back-to-school items and airing new ads featuring students taking classes at home.
As it becomes clear that store closures will continue for longer than anticipated, companies including AEO, Caleres, Lululemon and Ulta Beauty have announced further measures to preserve their financial liquidity.
Discount store operator TJX Cos Inc said on Thursday it was drawing down $1 billion from its existing credit line and suspending its share buyback program, in a difficult period brought on by the coronavirus pandemic.
Having reported solid growth in fiscal 2019, the off-price fashion retailer has revealed that it is planning to shutter its e-commerce operations in order to concentrate on its brick-and-mortar stores.
The U.S. holiday shopping period may heighten Wall Street's perception of a growing divide between retailers adapting to online sales and those unable to shake their reliance on dwindling shopping mall traffic.