TJX: Same-store sales rose 3% in November
TJX Cos., the Framingham-based company that operates such retail chains as T.J. Maxx, Marshalls, and HomeGoods, said Thursday that same-store sales rose 3 percent in November when compared to sales in the same month a year ago; that gain was “above plan,” TJX said.
Same-store sales --- or sales at stores open at least a year --- are regarded by Wall Street analysts as a strong indicator of a retailer’s performance. (Same-store sales are also referred to as comp-store sales.)
An Associated Press story noted that the TJX gain was below outside expectations. Analysts polled by Thomson Reuters expected a 3.6 percent increase, that story noted.
Total November sales were $2.2 billion, up 7 percent from the comparable four-week period in 2011, TJX said in a press release.
In a statement, TJX chief executive Carol Meyrowitz said: “We are pleased that business trends in the second half of the month were strong, leading to our comp store sales for November coming in higher than we expected at a 3 percent increase. Business throughout the Thanksgiving week and weekend was robust, even as we remained true to our off-price practice of offering great values every day, and stayed out of the fray of Black Friday promotions. Customer traffic drove the comp increase again this month as consumers continued to be drawn to the extreme values on our compelling, always-fresh, branded merchandise mix. We continue to be excited about our prospects for December and the fourth quarter: our marketing campaigns will be seen by more consumers; we have fantastic gift-giving initiatives underway in our stores; and we’ll be offering amazing values to consumers! The holiday selling season is off to a very good start, and I am convinced we will continue to bring new customers into our stores and keep them coming back long after December.”Chris Reidy can be reached at email@example.com.