TJX reports $867M in profits during Q3
Photo | Grant Welker
The TJX Cos. headquarters in Framingham
Framingham retail store parent company TJX Cos. Inc. reported $867 million in net income during the company’s third quarter, which ended on Oct. 31, according to an earnings report released Wednesday.
That figure is a 5% uptick from the $828 million in revenue it reported during the same quarter last year. Revenue for the company, which includes brands like HomeGoods, Marshalls and TJ Maxx, totaled $10.1 billion.
Although the company turned a profit this quarter, it reported a year-to-date loss of $235.1 million, according to the earnings report, compared to the $2.3 billion in profits it reported through the first three quarters of 2019, a 172.8% decrease.
These figures come as 470 of the company’s stores are temporarily closed due to the coronavirus pandemic, according to the report, with the majority of those stores located in Europe.
TJX is also proposing to reinstate its dividend, which was last held in March, subject to the company's board giving approval.
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