TJX Q3 net income rises 15%, maintains profit outlook
FRAMINGHAM, Mass. — TJX Cos. reported Tuesday that profit for the quarter ended Oct. 29 rose 15% to $406.5 million, from $372.3 million a year earlier.
Sales increased 5% to $5.79 billion from $5.53 billion, but missed analysts’ expected $5.84 billion. Same-store sales rose 3%.
During the quarter, the retailer increased its store count by a net of 52 stores and increased square footage by 1% over the same period last year.
Carol Meyrowitz, CEO, stated, “We are pleased with our strong overall third quarter performance as our 15% increase in earnings per share was in line with our expectations and achieved on top of a 14% increase last year and 40% growth in the year before that. We achieved these strong results despite unseasonably warm weather during the quarter in many key regions of the U.S. and Canada, which hindered demand for fall apparel. We are also encouraged by the progress we are making at TJX Europe. Further, it's important to note that sales in the U.S. picked up when the weather turned cooler and we ended the quarter strongly.”