TJX key Feb. revenue metric beats Street's view
FRAMINGHAM, Mass. (AP) — The parent company of TJ Maxx and Marshalls clothing stores reported that February revenue at stores open at least a year climbed 1 percent, topping Wall Street expectation.
TJX Cos., which also runs HomeGoods and some other stores, said that overall revenue for the four weeks ended March 2 increased 7 percent, to $1.8 billion.
Analysts watch same-store sales closely as an indicator of a retailers health because it strips out the volatility of stores that have opened or closed in the past year.
They had expected TJX to report a smaller rise of 0.4 percent, according to a poll by Thomson Reuters.
TJX CEO Carol Meyrowitz said that strong sales toward the end of the month helped the company achieve its better-than-expected same-store revenue. Potential shoppers in some regions of the U.S. and Canada were hindered by foul weather last month, but Meyrowitz said that the company did well in warmer-weather markets. The European businesses also continued to show strength.
Last month TJX, which is based in Framingham, Mass., reported that its fourth-quarter net income climbed 27 percent as more shoppers headed to its stores during the crucial holiday season. Its performance beat Wall Street's expectations.
TJX runs 1,036 T.J. Maxx, 904 Marshalls, 416 HomeGoods and four Sierra Trading Post stores in the U.S.; 222 Winners, 88 HomeSense, and 14 Marshalls stores in Canada and 348 T.K. Maxx and 24 HomeSense stores in Europe.