TJX sales rose 5% in third quarter
TJX Cos., the Framingham-based company that operates such retail chains as T.J. Maxx, Marshalls, and HomeGoods, said third quarter revenue rose 5 percent to $5.8 billion despite some unseasonably warm weather that hindered demand for fall apparel.
Net income for the third quarter was $406 million and diluted earnings per share were $1.06, up 15 percent over $.92 per share last year, an increase that was “in line with our expectations,” TJX said in a press release. The company’s third quarter ended Oct. 29.
In a statement, TJX chief executive Carol Meyrowitz added that November is “off to a strong start.” US sales picked up when the weather cooled.
Sales at stores open at least a year, or same-store sales, are considered by many analysts to be a good indicator of a retailer’s performance. TJX said that third-quarter same-store sales increased 3 percent.
For the fourth quarter, on a GAAP basis, the company said it continues to expect earnings per share to be in the range of $1.19 to $1.23, compared with $.83 in diluted earnings per share from continuing operations last year. For the full fiscal year, on a GAAP basis, TJX said it now expects earnings per share to be in the range of $3.82 to $3.86, compared with $3.30 in earnings per share from continuing operations in its previous fiscal year.
During its third quarter, TJX said it spent a total of $295 million in repurchases of TJX stock, retiring 5.5 million shares.Chris Reidy can be reached at email@example.com.