The TJX Companies has acquired Sierra Trading Post, an off-price Internet retailer based in Cheyenne, Wyoming, for approximately $200 million in cash.
TJX Companies reported a 3% comp increase on top of a prior year gain of 4% while Ross Stores said posted a comp increase of 2% compared to last November’s 5% comp increase.
Ross Stores and The TJX companies both reported a better-than-expected 8% same store sales increase during August.
TJX Cos. reported a 15% drop in fourth-quarter earnings, dragged down by costs to close its A.J. Wright store division. The company also plans to repurchase $1.2 billion of its stock this fiscal year and raise its dividend.