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TJX net income jumps 35% during Q3; raises full-year guidance
Framingham, Mass. -- The TJX Companies reported better-than-expected net income of $622.6 million for the third quarter, up 35% million from $461.5 million in the year-ago period. The chain also raised its full-year guidance.
Net sales grew about 9% to $6.98 billion from $6.41 billion as bargain-hunting consumers flocked to its stores. Same-store sales rose 5%. The chain credited the ability of its off-price format to succeed in any economic environment as a key component of its strong quarterly performance.
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TJX net income soars in third quarter
The TJX Companies’ net income for the third quarter soared 35% to $622.6 million from $461.5 million in the year-ago period. The better-than-expected results prompted the company to raise its full-year guidance.
Net sales increased approximately 9% to $6.98 billion from $6.41 billion as bargain-hunting consumers flocked to its stores. Same-store sales rose 5%. The chain credited the ability of its off-price format to succeed in any economic environment as a key component of its strong quarterly performance.