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November 15, 2023

TJX profits grew 13% in third quarter as it added 50 stores

Photo/Grant Welker TJX's Framingham headquarters

The TJX Cos., a Framingham-based global apparel and home fashion retail parent company, saw $1.2 billion in profits for the third quarter of fiscal 2024, as the company added 50 store locations to its portfolio during the same time period.

TJX’s profits increased 13% when compared to the third quarter of fiscal 2023, while the company saw net sales increase 9% to $13.3 billion, according to an earnings report filed by the company on Wednesday.

The company’s gross square footage of total store locations increased from 128.4 million square feet to 129.5 million square feet, an uptick of 1%. This growth occurred across the company’s portfolio, which includes retail stores in the United States, Canada, Europe, and Australia.

Brands owned by TJX include T.J Maxx, Marshalls, HomeGoods, Sierra, and Homesense. TJX operates 4,934 stores in nine countries.

“I am extremely pleased with our third quarter performance and strong execution of our teams as our comp store sales, pretax profit margin, and earnings per share all exceeded our expectations,” Ernie Herrman, CEO and president of TJX, said in a press release accompanying the Wednesday earnings report. “I am particularly pleased with the results at our Marmaxx and HomeGoods divisions, which delivered terrific comp sales increases entirely driven by customer traffic.”

Customer traffic was up across all divisions, Herman said.

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