×
83 726
Fashion Jobs
JCPENNEY
Senior Manager, Creative Operations (Samples And Creative Technology) â€" Marketing
Permanent · Plano
JCPENNEY
p&a Business Analyst - Women's Active
Permanent · Plano
LEVI'S
Senior Business Analyst, Global Distribution
Permanent · Henderson
NIKE
Marketplace Operations Business Analyst
Permanent · Beaverton
NIKE
Director, Retail Brand Marketing Men’s Performance & Lifestyle
Permanent · Beaverton
NIKE
na Retail Brand Marketing Manager Men’s Performance (Running)
Permanent · Beaverton
FOOT LOCKER
sr. Manager of Operations - Distribution Center
Permanent · Camp Hill
TAPESTRY
Manager, Materials
Permanent · New York
ESTÉE LAUDER
Keyholder - Cosmetics Company Store - 20 Hours - Settlers Green Outlets - North Conway, nh
Permanent · Conway
ESTÉE LAUDER
Lead Security Engineer - Enterprise Cybersecurity And Risk
Permanent · New York
GAP INC
Senior Product Manager – Retail Labor Optimization
Permanent · San Francisco
GAP INC
Associate Production Manager- Licensing- Old Navy
Permanent · San Francisco
GAP INC
Senior Asset Protection Manager
Permanent · McLean
NEW BALANCE
sr. Manager, Value Chain Business Operations (Project Management)
Permanent · Lawrence
CENTRIC BRANDS
Account Manager - Amazon
Permanent · New York
CENTRIC BRANDS
Human Resources Business Partner (Hrbp)
Permanent · New York
ULTA BEAUTY, INC.
Regional lp Manager
Permanent · Los Angeles
BANANA REPUBLIC
Asset Protection Service Representative - Bay Ridge
Permanent · New York
BANANA REPUBLIC
General Manager - Burlingame
Permanent · Burlingame
GAP
Asset Protection Service Representative - Fulton Street Mall
Permanent · New York
GAP
Manager - Marketing Production
Permanent · New York
ADIDAS
Digital Production Project Manager
Permanent · Portland
By
Reuters
Published
Feb 26, 2015
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

TJ Maxx raises wages, following Wal-Mart's lead

By
Reuters
Published
Feb 26, 2015

It didn't take long for a big retailer to follow the lead of Wal-Mart Stores in raising minimum pay for workers.

TJX Cos Inc, owner of the T.J. Maxx and Marshalls discount chains, said on Wednesday it would raise its minimum wage to $9 an hour in June and to $10 next year.

TJX Cos Inc owns the T.J. Maxx and Marshalls discount chains - TJ Maxx


The announcement comes less than a week after Wal-Mart, the world's largest retailer, announced that it was giving half a million U.S. workers a raise, bringing its minimum hourly pay to $9 in 2015 and $10 next year.

Analysts had predicted that other low-wage employers would be under pressure to follow the lead of Wal-Mart, the largest private U.S. employer with 1.3 million workers.

The moves come against the backdrop of a tightening labor market as the U.S. economy continues to grow at a healthy rate, which has ratcheted up competition for workers. The jobless rate is at a 6-1/2-year low of 5.6 percent.

"This pay initiative is an important part of our strategies to continue attracting and retaining the best talent in order to deliver a great shopping experience, remain competitive on wages in our U.S. markets and stay focused on our value mission," TJX Chief Executive Carol Meyrowitz said in a statement.

TJX Cos, which also owns the HomeGoods and Sierra Trading Post chains, said higher wages along with pension costs and other investments would lower its earnings by 4 percent while the strong dollar would cut earnings by 5 percent in the year ending Jan. 30, 2016.

TJX forecast a profit of 64 to 66 cents per share for the first quarter and $3.17 to 3.25 per share for the full year. Analysts on average were expecting 72 cents per share for the current quarter and $3.50 for the full year, according to Thomson Reuters I/B/E/S.

The company also said it would buy back about $1.8 billion-$1.9 billion of shares this fiscal year.

TJX said its net income for the fourth quarter ended Jan. 31 rose 11.3 percent to $648.2 million, or 93 cents per share. Revenue rose 6.3 percent to $8.3 billion while same-store sales increased 4 percent.

Analysts on average had expected a profit of 90 cents per share and revenue of $8.26 billion.

Shares of TJX reversed earlier losses to trade up 3.3 percent at $69.38.

$1 = £0.64

© Thomson Reuters 2022 All rights reserved.