Cramer's Trust Buys 100 TJX Shares After 7% Slide on 1% Marmaxx Growth
Updated
Updated · CNBC · Aug 21
Cramer's Trust Buys 100 TJX Shares After 7% Slide on 1% Marmaxx Growth
1 articles · Updated · CNBC · Aug 21
Summary
Jim Cramer's Charitable Trust bought 100 TJX shares at about $140.50, lifting its stake to 950 shares and 3.4% of the portfolio.
A roughly 7% three-session selloff followed TJX's mixed earnings report, with investors focused on just 1% comparable-sales growth at Marmaxx despite companywide comp sales and adjusted EPS topping management's forecast range.
Management said Marmaxx's weakness came from a self-inflicted inventory mix problem, missing demand in key categories while overstocking less popular goods.
TJX has already identified the affected categories, added planning and monitoring steps, and saw improvement in August, supporting the trust's view that the setback is temporary.
The trust also pointed to 6% to 7% comp growth in TJX's other divisions and the retailer's plan to accelerate store openings as signs management remains confident.