TJX same-store sales rise 8 percent in April
TJX Cos. Inc., the Framingham retailer that operates off-price apparel and home stores, said today that its April same-store sales rose 8 percent, far higher than Wall Street analysts' anticipated.
Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly-opened ones.
Analysts polled by Thomson Financial expected a boost of 6.5 percent.
Total sales for the four-week period rose 12 percent to $1.4 billion from $1.3 billion in the year-ago period.
TJX, which operates such chains as T.J. Maxx and Marshalls, said its sales were helped by warmer weather.
For the quarter ended May 3, the company said its sales jumped 6 percent to $4.4 billion from $4.2 billion.
Analysts expected sales of $4.38 billion.
The company said due to the stronger-than-expected sales in April and "effective expense control," it now expects profit for the fiscal 2009 first quarter of 41 cents to 41 cents per share. Previously, the company said its profit would be at or below that range.
The company also said it will record a one-time benefit in the quarter from tax-related adjustments that should raise profit even higher.
Analysts anticipate profit of 40 cents per share. (AP)
