By Adriano Marchese and Connor Hart
T.J. Maxx parent TJX Cos. said it remains confident it can drive sales and traffic in the back half of the year, after operational missteps hurt apparel sales during the recent quarter.
Same-store sales at Marmaxx--the company's largest segment, made up of its Marshalls and T.J. Maxx banners--ticked up 1% in the period. The deceleration from 3% a year ago highlights how inflation-weary shoppers are reining in spending and growing increasingly selective with where they spend their money.
Chief Executive Ernie Herrman said sales across the division missed the company's expectations. Shares were recently trading 3.1% lower at $146.22, putting them down 5.2% year to date.
"We could have executed our store mix better, and by that I mean we could have been sharper on having the right goods in the right stores at the right time," Herrman said on a call with analysts Wednesday. "We are convinced that the issues were self-inflicted and within our control, and we have made good progress working through them."
