TJX sales for 2Q exceed expectations

Write a Comment

Sales were higher than expected in the second quarter for Framingham-based TJX Cos., the parent of off-price retailers T.J. Maxx, Marshalls and HomeGoods said Tuesday. Net sales of $7.4 billion rose 6 percent over the second quarter of 2014.

Net income for the second quarter, which ended Aug. 1, was $549 million, for earnings per share of 80 cents, the company said. That was up 7 percent over last year.

And the third quarter is off to a good start, the company said. The company said it expects third-quarter earnings per share to be in the range of 80 cents to 82 cents; they were 85 cents in last year’s third quarter.

Strong sales in all company divisions drove the results, Carol Meyrowitz, TJX’s chairwoman and CEO, said in a company statement. “Our momentum continued in the second quarter,” with comparable store sales and earnings per share growing beyond expectations. Strong sales were reported across all company divisions, Meyrowitz said.

In the U.S., second-quarter comparable store sales were up 4 percent for Marmaxx (a combination of TJMaxx and Marshall’s) and up 9 percent for HomeGoods, TJX reported. Meanwhile, sales were up 12 percent for TJX Canada and up 5 percent for TJX Europe, the company said.

TJX also raised its earnings-per-share guidance for the full year. For the fiscal year ending Jan. 30, 2016, the company now expects earnings per share in the range of $3.24 to $3.28, versus fiscal 2015’s $3.15. Its previous expected range was $3.21 to $3.27.