Retail's blame game is starting to show some cracks, as big first-quarter revenue beats from Home Depot and TJX proved that consumers are still willing to shop at a physical store — so long as you give them a good enough reason.
Home Depot on Tuesday said its comparable sales jumped 6.5 percent in the first quarter, beating Wall Street estimates, as the number of transactions in its stores increased 4.1 percent. The amount of transactions in a given quarter is a metric retailers often cite to identify traffic trends.
Meanwhile, T.J. Maxx, Marshalls and HomeGoods parent TJX blew past consensus same-store sales estimates of 3.2 percent, reporting 7 percent growth in that metric. The company even called out strength in apparel, a category that contributed to the weak results released by department stores last week. CEO Ernie Herrman credited the off-price chain's big beat to "very strong customer traffic, which drove the comp increases at every division."
"This tells us that our strategies to bring consumers exciting values on an eclectic and ever-changing mix of the right fashions and brands, sourced from across the globe, are working," he said.