TJX Boosts Bottom Line by 47.5 Percent in Third Quarter
Posted on November 17, 2009 by
FRAMINGHAM, Mass.--Third-quarter net income for The TJX Cos. reached $347.8 million, up a dramatic 47.5 percent from the third quarter of a year ago.
The company managed net sales of $5.2 billion, a 10 percent increase over last year's third quarter, which included a 7 percent pickup in same-store sales. Among other positive results, U.S. same-store sales for TJX's Marmaxx division (encompassing Marshalls and T.J. Maxx stores) jumped 9 percent, and comparable-store sales for HomeGoods rose 13 percent in the quarter. The sales performance offset a 7 percent rise in selling, general and administrative expenses and an increase of 7.5 percent in cost of goods sold.
Carol Meyrowitz, TJX's president and chief executive officer, noted in a statement that the company achieved a strong third quarter in spite of a challenging retail environment, thanks to accelerating trends in customer traffic. For the fourth quarter, TJX said it anticipates a climb in same-store sales of from 5 percent to 7 percent.