TJX shines among discounters in October
NEW YORK — The TJX Cos. turned in the strongest performance among the discounters in October, reporting a 7% comp sales increase on Thursday.
According to TJX CEO Carol Meyrowitz, the above-plan performance has prompted the retailer to raise its outlook for the third quarter and full year. “We believe the momentum we are seeing in all of our businesses … bode well for the holiday selling season,” she said.
TJX sales for the period advanced 11% to $2.1 billion.
Costco posted a 5% rise in same-store sales, less fuel, which missed Wall Street’s expected 5.6% gain. The wholesale club operator said that the strongest regions for the month were San Diego, the Northeast and the Midwest.
Target Corp. reported a 2.4% same-store sales rise in October, which was near the low end of the company’s expected range, said Gregg Steinhafel, CEO. Its third-quarter same-store sales gain of 2.9% matched Target’s internal forecasts, he said.
In other discounter same-store sales results:
Ross rose 4%;
Fred’s dipped 0.8%;
SteinMart rose 1.7%; and
Alco rose 1.9%.