TJX brings in $1B in profits during Q3

Photo | Grant Welker TJX Cos. is the parent company of TJ Maxx.

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The TJX Cos. Inc., headquartered in Framingham, reported $1 billion in profits in the company's third quarter, according to an earnings report released Wednesday.

This marks the third consecutive third quarter the company has increased its net income since 2019. During the same quarter a year prior, the company reported $866.7 million, in profits, an increase of 18%.

Sales for the quarter were also up, reported at $12.5 billion compared to $10.11 billion during the same quarter last year.

In the report, the company said its financials were impacted by temporary store closures around the world, including in Australia and Europe, due to the coronavirus pandemic.

Still, TJX remained optimistic about the upcoming holiday season, noting the bulk of its inventory was either already on-hand or scheduled to be delivered in time for the busy shopping quarter.

“We are very confident in our ability to continue to gain market share, improve our profitability in the medium to long term, and reach our strategic vision of TJX becoming a $60 billion company,” said CEO and President Ernie Herrman, in a statement.

TJX stocks were trading at $76.80 per share on the New York Stock Exchange at open on Wednesday, the day the report was released, up from $69.50 per share at close the day prior. They closed, on Wednesday, at $73.55 per share. That’s up from Jan. 4, when stock prices closed at $66.81 per share.