Deutsche Bank Comments on Apparel Sector Key Themes

In a report focusing on the apparel sector, including The TJX Companies, Inc.

, Deutsche Bank writes, “As the second half of the retail fiscal year approaches, we've analyzed key apparel themes to better understand if investor catalysts might improve or worsen, from here. “While some catalysts may trend positive in 2H, improvement among various levers is not uniform. Biggest positive potential sector catalysts: (1) lower cotton prices help FY12 P&Ls (2) 2H apparel price increases don't overly pressure unit demand (3) 'off-price' working. Potential negative catalysts: (1) stagnant U.S. employment (2) invty. growing faster than sales (3) Europe worse before better.” The TJX Companies closed Wednesday at $55.27.