TJX Same-Store Sales Dip
Citing "extraordinarily cold weather" across much of the U.S., Canadian and European regions where it has stores, TJX Cos. reported a dip in consolidated comparable store sales for March.
The Framingham-based retail giant, whose stores include T.J. Maxx, Marshalls and HomeGoods, said same-store sales were down 2 percent for the month and 1 percent for the first nine weeks of the year.
However, CEO Carol Meyrowitz said sales were in line with estimates because of the Easter holiday falling in April last year and in March this year. Overall sales for March were up 5 percent, to $2.4 billion, while sales year-to-date totaled $4.2 billion, an increase of 6 percent.
Meyrowitz said overall business conditions improved as the weather got warmer.
Despite the dip in March sales, the company is expecting an improved first quarter compared to last year, with earnings per share ranging from 60 cents to 62 cents. For fiscal year 2012, earnings were 55 cents per share.
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Editor's note: An earlier version of this story did not specify that it was same-store sales that decreased.
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