Shoppers Are Spending Big at T.J. Maxx, HomeGoods as Target Sales Slide

TJX Cos., the parent company of T.J. Maxx, Marshalls, and HomeGoods, reported a 7.7% year-over-year increase in sales and a 23% rise in profits for the fiscal second quarter. The company benefited from strong customer traffic and the availability of premium merchandise obtained from higher-end retailers looking to reduce their bloated inventories. In contrast, Target reported a pullback in spending on discretionary items like clothing and home decor, and it lowered its full-year forecast due to consumer pressures from high inflation in food, beverages, and household essentials.