By Allison Prang

 

TJX Cos. said it lowered its capital expenditures plan for fiscal 2021 by as much as $1 billion.

The company said it now expects capital expenditures to be between $400 million and $600 million for the year, less than its previous plan of $1.4 billion.

The company, whose first-quarter results were hit by the coronavirus pandemic, in its last fiscal year had $1.22 billion in capital expenditures, up from $1.13 billion the prior year.

The company said Thursday it lowered its store openings for the 2021 fiscal year to about 50. It also said it delayed some home office, distribution center and information technology expenses and halted most planned store remodels.

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

May 21, 2020 09:08 ET (13:08 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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