T.J. Maxx owner misses quarterly sales estimates

TJX Cos Inc missed Wall Street estimates for quarterly sales on Wednesday, hurt by temporary store closures and fewer customers visiting its outlets due to the COVID-19 pandemic.

Shares of the company, which owns T.J. Maxx, fell about 7% to $60.40 in premarket trading.

The pandemic-triggered restrictions in Europe and Canada due to the fast-spreading Omicron variant hit TJX's sales growth, although the company said its fourth-quarter sales were trending higher before the surge in Omicron cases.

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The company's net sales rose to $13.85 billion in the quarter ended Jan. 29, from $10.94 billion a year earlier. That missed analysts' estimates of $14.22 billion, according to Refinitiv IBES data.

Net income of the HomeGoods owner rose to $940.2 million, or 78 cents per share, from $325.5 million, or 27 cents per share, a year earlier.