TJX more upbeat after strong August
FRAMINGHAM, Mass. (AP) — The TJX Companies Inc. is feeling rosier about its future after the discount retailer on Thursday reported a key sales figure for August that beat Wall Street expectations
The Framingham, Mass.-based company, which operates TJ Maxx, Marshalls and HomeGoods stores, says it now expects earnings per share in its fiscal third quarter to be on the higher range of its previous guidance of 56 cents to 59 cents per share.
For the four-week period ended Aug. 25, the company said total sales rose 10 percent to $1.9 billion. Sales at stores open at least a year rose 8 percent, which was higher than the 6.3 percent analysts on average expected, according to Thomson Reuters. The figure is a key measure of a retailer's financial health because it strips out the impact of newly opened and closed locations.
CEO Carol Meyrowitz said the sales increase in the U.S., Canada and Europe was driven by strong customer traffic, which she said shows that the company's affordable prices resonate with customers.
TJX was among a range of retailers, including Target Corp. and Costco Wholesale Corp., that reported strong-than-expected sales figures for the month on Thursday.