TJX same-store sales beat as bargains continue to attract shoppers


(Reuters) – Off-price apparel retailer TJX Cos Inc (TJX.N) beat analysts’ estimates for fourth-quarter same-store sales on Wednesday, boosted by discounts that drew shoppers to its Marmaxx and HomeGoods stores during the holiday season. The company’s shares rose 8 percent to $83.50 in premarket trading. Same-store sales rose 4 percent in the reported quarter, beating the average analysts’ estimate of 2.1 percent, according to Thomson Reuters I/B/E/S. TJX also raised its quarterly dividend by 25 percent to 39 cents per share and said it would repurchase about $2.5 billion to $3 billion worth of shares this fiscal year. Marmaxx, the company’s biggest and most profitable unit which includes T.J. Maxx and Marshalls stores, recorded comparable-store sales that rose 3 percent, beating estimates of 1.5 percent. Net income rose to $877.3 million, or $1.37 per share, in the quarter ended Feb. 3, from $677.9 million, or $ 1.03 per share, a year earlier. Net sales rose 15.8 percent to $10.96 billion, beating analysts’ estimates of $10.76 billion. Reporting by Nivedita Balu in Bengaluru; Editing by Shounak DasguptaOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters