Despite all the talk in fashion about efficient supply chains and smartly managed inventories, off-price giant The TJX Cos. Inc. is nearly doing cartwheels over the goods available in the market.
“We see a marketplace loaded, I say loaded, with quality buying opportunities,” said Carol Meyrowitz, chief executive officer, on a conference call with analysts.
“We’re trying to control our guys, and they’re very excited,” Meyrowitz said of the company’s 800 buyers. “It’s not just weather, cold-weather categories that are sitting there, it’s really a lot of excitement and a lot across the board.…There are more goods than we can certainly handle.…I think we’re going to see the same thing throughout the rest of the year.”
Mark Montagna, an analyst at Avondale Partners, said other chains have been cutting back, giving TJX an advantage.
“Retailers are playing their inventory even tighter than they normally do given how the beginning of the year started off so poorly,” Montagna said. “[Manufacturers] are going to still make the goods…knowing that if they don’t ship it to some other retailer they’re going to be able to ship it off to TJX instead.”
The off-pricer’s first-quarter profits rose 8 percent to $452.9 million, or 62 cents a diluted share, from $419.2 million, or 55 cents, a year earlier. Earnings met analysts’ consensus projection.
Sales for the quarter ended May 4 rose 6.8 percent to $6.19 billion from $5.8 billion. Comparable-store sales rose 2 percent on top of an 8 percent rise in last year’s first quarter.
TJX said second-quarter earnings per share would range from 61 cents to 63 cents, less than the 64 cents analysts projected.
The Framingham, Mass.-based off-pricer added 50 stores during the quarter to end with 3,100 doors.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia