TJX sales rise 7%, profits 14%

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By Rick Saia

The Framingham-based parent of off-price retailers T.J. Maxx, Marshalls and HomeGoods reported another strong quarter Tuesday, with a 7-percent increase in sales and a 14-percent jump in net income.

The TJX Cos. said net sales for its second quarter, which ended Aug. 2, totaled $6.9 billion, up from $6.4 billion in the same quarter last year. Same-store sales jumped 3 percent, lower than a 4-percent rise in the second quarter of 2014.

Meanwhile, the company reported net income of $518 million, or 75 cents per share. That beat analysts’ estimate of 73 cents, according to TickerReport.com.
CEO Carol Meyrowitz said she was “very pleased” with the numbers, according to a statement. She cited an increase in customer traffic across all company brands.

The increases in revenue and profit were spread across all geographies where TJX has stores: the U.S., Canada and Europe.

Meyrowitz also said TJX is raising its financial expectations for the company’s full fiscal year, which will end in January 2015. For the third quarter, which she said is off to a “solid start,” TJX expects earnings of between 81 and 85 cents per share, slightly below 86 cents last year. For the full year, TJX said it expects earnings to fall between $3.08 and $3.16 per share, above last year’s $2.94.

The company also said it expanded to accommodate more business, adding 23 stores in the second quarter.