Same-store sales at T.J. Maxx parent up 10 percent

TJX Cos., the Framingham-based operator of such retal chains as T.J. Maxx, Marshalls, and HomeGoods, said that October sales were $1.7 billion, up a robust 15 percent over the same period last year.

Based on this strong performance, the company said it now expects third-quarter diluted earnings per share from continuing operations to be at or slightly above its recently raised range of 77 to 79 cents.

One metric that Wall Street analysts scrutinize closely is same-store sales - sales at stores open at least a year.

TJX said in a press release that October same-store sales rose 10 percent from last year.

During an economic downturn, many cash-strapped consumers gravitate toward stores that are perceived as offering the best value. In this recession, TJX seems to be a beneficiary of this trend.

TJX refers to same-store sales as "consolidated comparable store sales."

TJX president and chief executive Carol Meyrowitz said in a statement: "Our consolidated comparable store sales increase of 10 percent in October reflects the strong momentum of our business. We believe our values and selection of great fashions and great brands continue to get even better and have broad reach across a wide range of customer demographic groups. We are particularly pleased with our 12 percent comp sales increase at the Marmaxx Group (the combination of T.J. Maxx and Marshalls), where customer traffic continued to drive sales throughout the month, boding well for the holiday season." (Globe Staff)