March 4, 2022


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Sources and Background

35 sources, comprising 14 vendors in apparel (5), home (5), beauty (3) and accessories (1) and selling to TJX (14), Ross (11) and Burlington (11), as well as 21 managers interviewed during store visits at T.J. Maxx (7), Burlington, (6) Ross (6) and dd’s Discounts (2)

REPEAT SOURCES 25 (7 vendors and 18 store managers) from OTR Global’s January report


Rocky February in Off-Price, April Stronger

Off-price chains struggled more with plan attainment during FY1Q22 than in FY4Q21 because of lighter traffic and weaker sell-through in February — particularly at Burlington and Ross — but an influx of opportunity buys in April helped trends improve toward the end of the quarter.

  • TJX: FY1Q22 sell-through at least met plan for 9 of 14 vendors (vs. all 11 in FY4Q21), regarded as best positioned with higher quality inventory choices; sales at least met plan for 6 of 7 managers (vs. all in FY4Q21), aided by traffic influx around Easter, improved inventory levels qq
  • ROST: FY1Q22 sell-through at least met plan for 6 of 11 vendors (vs. 10 of 11 in FY4Q21), helped by better inventory at DCs, but vendors questioned quality of buys; sales met expectations for 4 of 6 managers (vs. 3 of 5 exceeding in FY4Q21), aided by improved inventory qq but limited by high availability of lower-quality goods
  • BURL: FY1Q22 sell-through at least met plan for 7 of 11 vendors (vs. all in FY4Q21), benefiting from door expansions but limited by softer traffic; sales met plan for 4 of 5 managers, exceeded for none (vs. 2 exceeding, 4 meeting, 1 below in FY4Q21), limited by lack of top brands
Sabrina Bullock
Consumer Retail