The TJX Companies Inc. plans to open its next two Sierra Trading Post stores in the Northeast after sales exceeded plan at two locations it opened in the Denver area during the fourth quarter.
“Customer response has been fantastic,” TJX CEO Carol Meyrowitz said Feb. 25, while discussing the companies fourth quarter financial results. “We will continue to test what works best with this concept and in 2015, we are looking into opening a couple of northeast locations. Longer term, we would be thrilled to grow Sierra Trading Post as the fourth U.S. chain and eventually in Canada.”
CFO Scott Goldenberg said the company would open one new STP location this year, raising the banner's store count to seven.
STP specializes in buying outdoor apparel, footwear and equipment at close-out and selling it at deep discounts. TJX has opened four STP locations since acquiring the company in 2012; an ironic twist given that it said it was buying the company primarily for its online expertise in a bid to jump start e-commerce initiatives at its much larger T.J. Maxx, Marshalls an Homegoods banners.
TJX reported net sales reached $8.3 billion in the fourth quarter ended Jan. 31, up 6 percent from the year earlier quarter. Consolidated comparable store sales increased 4 percent over last year’s 3 percent increase. Net income was $648 million and diluted earnings per share were $.93, up 15 percent from last year’s $.81 per share.
The company made news Thursday by announcing it would begin paying $9 an hour in June to all hourly store associates in the United States. Sometime during 2016, all hourly U.S. store associates who have been employed for six months or more will earn at least $10 per hour.
Walmart Stores Inc., IKEA Group and Gap Inc. have all announced plans in recent weeks to raise the minimum wage they pay store employees above the federal minimum wage of $7.25 an hour.
