By Allison Prang

TJX Cos. said it wrote down its inventory by about $500 million for the first quarter after closing locations because of the coronavirus pandemic.

TJX, the parent for T.J. Maxx and Marshalls, said the inventory was primarily transitional or out-of-season merchandise and merchandise that was already in markdown that was expected to be reduced further. It said it expects to sell the inventory in the current quarter.

TJX has reopened more than 1,600 stores worldwide, the company said, adding that initial sales overall have been above last year's sales across all states and countries for the over 1,100 stores that have been reopened for at least a week. TJX said its stores could be largely reopened by the end of next month.

"Although it's still early and the retail environment remains uncertain, we have been encouraged with the very strong sales we have seen with our initial reopenings," Chief Executive and President Ernie Herrman said in prepared remarks. He added the company is "seeing plentiful off-price buying opportunities."

The company's total loss for the first quarter was $887.5 million, compared with a profit of $700.2 million a year ago. TJX said the loss was 74 cents a share, compared with a profit of 57 cents a share.

Net sales fell by more than half in the first quarter to $4.41 billion from $9.28 billion.

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