Dec 21 TJX Cos Inc said it bought Sierra
Trading Post, an off-price Internet retailer, for about $200
million, the latest brick-and-mortar store to try to attract
customers who shop online via smartphones and tablets.
TJX, which sells designer clothing and home goods at lower
prices than department stores, said it expects the acquisition
of Cheyenne, Wyoming based Sierra Trading to add slightly to
earnings beginning in fiscal 2014, "but that this impact will
not be material to TJX's consolidated financial statements."
"We continue to plan on launching e-commerce sites for TJX
brands and this acquisition adds immediate scale, capabilities
and infrastructure in e-commerce, which we can leverage in that
regard," Carol Meyrowitz, chief executive officer of TJX said in
The company financed the deal from its existing cash
Retailers across the board are boosting their online and
digital presence as they cater to an increasing number of
shoppers who use tablets and smartphones to buy stuff. A
glitch-free and dependable internet presence is now considered
as important for sales as a good in-store experience.
TJX shares were trading down 35 cents at $42 Friday on the
New York Stock Exchange.