TJX Q2 profit climbs 31%, just beats Street

Framingham, Mass. Offering further evidence that the discount sector continues to post gains despite the recession, TJX reported Tuesday that its fiscal second-quarter profit rose 31% to $261.6 million, from $200.2 million in the year-ago period.

The operator of T.J. Maxx, Marshalls and HomeGoods beat Wall Street's expectations by a penny.

Sales for the period ended Aug. 1 rose 4.0% to $4.75 billion, edging analysts' estimates of $4.7 billion, as consumers sought out value amid the recession. Consolidated same-store sales also increased 4.0%.

"As we enter the back half of the year, we will continue to plan prudently, but believe we have tremendous opportunities to build upon our strong first half," said president and CEO Carol Meyrowitz. "Further, our growth vehicles, both domestically and internationally, continue to outperform our expectations, which gives us confidence in our vision to grow TJX as a global, off-price/value retailer.”