TJX (NYSE:TJX) said Tuesday, Nov. 19, that its fiscal third-quarter net income climbed 35 percent as sales improved at its stores in the U.S. and internationally. The parent company of Marshall's Homegoods and TJ Maxx continues to see sales gains as price-concious shoppers spend cautiously during the economic recovery.
The company reported earnings of $622.7 million, or 86 cents per share, compared to $461.6 million, or 62 cents per share for the same period last year. Same-store sales at locations open at least a year, rose 5 percent, compared to a 7 percent rise in the year-ago period.
Revenue for TJX increased 9 percent to $6.98 billion from $6.41 billion, slightly beating Wall Street's estimate of $6.91 billion.
"We believe these robust results demonstrate, once again, our ability to succeed in all types of economic and retail environments," TJX CEO Carol Meyrowitz said in the earnings statement.
Within the company's U.S. division, Marmaxx, consisting of Marshall's and TJMaxx stores, sales rose to $4.48 billion from $4.16 billion, and sales of HomeGoods totaled $740 million, up from last year's $638 million. Comp-store sales were up 4 percent at Marmaxx and 10 percent at HomeGoods.
The Framingham, Massachusetts-based retailer expects fourth-quarter earnings in the range of 77 cents to 80 cents, down slightly from 82 cents in the year-earlier period and below average estimates of 84 cents.
Shares of TJX increased by 51 cents to $63 in premarket trading.
For more see:
This TJX earnings statement
This Wall Street Journal article
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