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By
Reuters
Published
Nov 17, 2015
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TJX same-store sales top estimates as shoppers hunt for deals

By
Reuters
Published
Nov 17, 2015

TJX Cos Inc, the owner of off-price chains TJ Maxx and Marshalls, reported a bigger-than-expected rise in quarterly comparable store sales as more bargain-hungry shoppers visited its stores for apparel, accessories and home goods.

TJX also raised its comparable sales growth forecast for the year ending January, indicating healthy demand for the holiday shopping season, in contrast with full-price department stores such as Macy's Inc and Nordstrom Inc, which cut their forecasts last week.

TJ Maxx


The strong results and forecast sent TJX's shares up 4.5 percent on Tuesday and also boosted its rivals Ross Stores Inc , Burlington Stores Inc and Tuesday Morning Corp. Macy's and Nordstrom fell.

TJX and other off-price chains sell home furnishings and apparel brands such as Dolce and Gabbana and Juicy Couture priced 20-60 percent lower than at most retailers, helping them draw price-conscious customers away from full-price retailers.

"We believe this momentum will continue," Guggenheim Securities analyst Howard Tubin wrote of TJX in a client note.

Macy's and Nordstrom last week reported disappointing same-store sales and cut their full-year forecasts, which analysts said may indicate consumers are increasingly expecting deeper discounts wherever they shop, online or offline.

TJX's comparable sales rose 5 percent in the third quarter ended Oct. 31, more than the 3.9 percent growth analysts on average were expecting, according to research firm Consensus Metrix.

The retailer raised its comparable sales growth forecast to 4-5 percent for the year ending Jan. 30 from the 3-4 percent growth rate it forecast earlier.

TJX said it was "very comfortable" with its inventory position, which it raised ahead of the holiday quarter to be able to send fresh merchandise to its stores.

Macy's in contrast said last week that it would be forced to offer discounts in the quarter to clear fall season inventory.

TJX's net income fell to $587.3 million in the third quarter from $595 million a year earlier. On a per share basis, profit rose to 86 cents from 85 cents as it had fewer outstanding shares.

Revenue rose 5.3 percent to $7.75 billion from $7.37 billion.

Analysts on average were expecting a profit of 84 cents per share on revenue of $7.73 billion, according to Thomson Reuters I/B/E/S.

TJX's stock, up 4.6 percent at $68.64, gave the second-biggest boost to the S&P 500 retail index on Tuesday. The index fell 6.6 percent last week, while TJX fell 12 percent. (Reporting by Subrat Patnaik and Ramkumar Iyer in Bengaluru; Editing by Anil D'Silva and Savio D'Souza)


 

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