The US trading group TJX Companies Inc. not only published its current results for the second quarter of the 2022/23 financial year on Wednesday, but also presented a new Chief Financial Officer (CFO).
The world’s largest off-price retailer, which has a presence in Germany through its chain TK Maxx, announced that John Klinger will be promoted to executive vice president, chief financial officer. The current vice president, corporate controller, will succeed Scott Goldenberg on January 29 next year, who will remain his manager. TJX announced that Goldenberg is moving to the position of senior executive vice president, finance, with responsibility for various areas including risk management, communications, business development and financial aspects of the group’s real estate portfolio.
At the same time, the group announced that it had generated sales of almost 12.2 billion US dollars (11.7 billion euros) in the third quarter ended October 29. Revenues were 2.9 percent down on the previous year’s level, but remained practically unchanged when adjusted for exchange rate fluctuations.
In terms of earnings, however, the company was able to exceed market expectations. Quarterly net income was $1.06 billion, up 3.9 percent from the same period last year. The group benefited from a tax credit after divesting its minority stake in Russian retail chain Familia. Even adjusted for special effects, however, the profit was higher than analysts had forecast in advance.