FRAMINGHAM, Mass.-Based on strong October sales patterns, TJX Cos. has issued a rosier outlook for same-store sales for both the third quarter and the full fiscal year.
In a company statement, the off-price retail company said third-quarter same-store sales should rise by about 7 percent for the company as a whole, and 8 percent to 9 percent for The Marmaxx Group, which consists of its Marshalls and T.J. Maxx stores. For fiscal year 2010, comparable-store sales are now expected to increase by between 4 percent and 5 percent for both TJX as a whole and for Marmaxx. The company revised these expectations because of early October sales results, which are “trending significantly above the company’s expectations,” the statement said.
TJX also said it has upped its expectations for Marmaxx’s profit margin for the fiscal year to a range of 10.7 percent to 10.9 percent; prior estimates had Marmaxx’s profit margin ending the fiscal year at between 9 percent and 10 percent.