"At The Marmaxx Group, the combination of T.J. Maxx and Marshalls, second quarter sales increased 4 percent over last year and comparable store sales increased 2 percent. Segment profit was up over last year, in line with plan, and segment profit margin also met on expectations. They are on track to net a total of 47 new stores for The Marmaxx Group this year."
English continued, "At Canadian concepts, Winners and HomeSense, second quarter sales increased 8 percent and comparable store sales decreased 1 percent in US dollars. In local currency, which they believe more meaningfully reflects operating performance, comparable store sales decreased 9 percent, versus a very strong 11 percent increase last year."
Winners' segment profit was essentially flat to last year. They are on track to net 4 new Winners stores and add 17 HomeSense stores in 2005.
"At HomeGoods, sales in the second quarter increased 17 percent and comparable store sales were flat with last year. Bottom-line results were below last year. They now expect to net 37 new HomeGoods stores this year."
"At T.K. Maxx, in the U.K. and Ireland, second quarter sales increased 19 percent and comparable store sales increased 1 percent in US dollars. In local currency, comparable store sales increased 2 percent above last year, with an improving trend as they moved through the quarter. Segment profit was up 10 percent over last year. They now expect to net 27 new T.K. Maxx stores this year."
marketing@alchempro.com
