The TJX Companies, Inc. reported that first quarter sales at Bob's Stores were $61.4 million and posted operating earnings of $1.25 million at the 31-door unit acquired last year after a hard bidding process with Dick's Sporting Goods and their partners.
TJX said that Bob's Stores' Q1 results were “in line with expectations” and has made “significant improvements in its inventory management and flow practices”, resulting in fresher assortments in the stores. The company reiterated its plan to grow the Bob's business “slowly and deliberately” as they refine the concept. Long term, TJX sees the Bob's concept expanding to 400 stores in the U.S. TJX acquired Bob's in December.
Total TJX net sales for Q1 were up 20.2% to $3.4 billion and consolidated comparable store sales increased 8% over the prior year. Diluted earnings per share increased 50% to 33 cents per share in the first quarter, versus 22 cents per share in the prior year. Net income was $168 million, a 48% increase over the $114 million earned last year.
