The TJX Companies’ net income for the third quarter soared 35% to $622.6 million from $461.5 million in the year-ago period. The better-than-expected results prompted the company to raise its full-year guidance.
Net sales increased approximately 9% to $6.98 billion from $6.41 billion as bargain-hunting consumers flocked to its stores. Same-store sales rose 5%. The chain credited the ability of its off-price format to succeed in any economic environment as a key component of its strong quarterly performance.
“We believe these robust results demonstrate, once again, our ability to succeed in all types of economic and retail environments. We are raising our full-year guidance to reflect our third quarter performance,” said Carol Meyrowitz, CEO of TJX. “The fourth quarter is off to a good start and we see exciting opportunities for this holiday selling season: we have great initiatives planned and will be shipping fresh gift-giving selections to our stores throughout the holiday season. Longer term, we see tremendous potential ahead for TJX, and we remain very confident in our ability to continue driving substantial top- and bottom-line growth.”