Currently trading at less than $65, off-price department store retailer The TJX Companies (TJX) reported a strong rebound in earnings in its last reported quarter despite facing significant pandemic-related headwinds. Given the company’s efforts to boost its revenue growth by rapidly enhancing its digital platform, is the stock poised to soar in price? Read on.The TJX Companies Inc. (NYSE:TJX), which is headquartered in Framingham, Mass., is a global off-price clothing and home fashion stores operator. The company operates through four business segments: Marmaxx; HomeGoods; TJX Canada; and TJX International. TJX's diversified portfolio of multinational enterprises delivers several growth opportunities.
The company's shares have gained 8.3% in price over the past year to close the last trading session at $63.02. Its strong top-line growth in its last reported quarter, driven by improvement across all business segments, and its solid growth prospects, are expected to propel the company’s performance in the coming months.
Furthermore, the company proved its resilience during the pandemic-induced retail apocalypse by rapidly adapting and expanding its online presence. In addition, TJX’s HomeGoods recently launched its e-commerce platform, which could propel its revenue growth.