TJX profits rise 9% in third quarter

Photo | Grant Welker TJX Cos. is the parent company of TJ Maxx.

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By Thomas Grillo

TJX Cos., the Framingham-based off-price apparel and home fashions retailer, announced Tuesday net sales for the third quarter increased 6% to $10.5 billion.

Profits for the third quarter were $828 million vs. $762 million in the third quarter 2018, a 9% increase. Diluted earnings per share were 68 cents versus 61 cents in the prior year. This was an 8% increase versus the prior year’s adjusted 63 cents, which excluded a 2-cents pension settlement charge.

For the first nine months of fiscal 2020, net sales were $29.5 billion, a 6% increase over the same period last year. Consolidated comparable store sales for the first nine months of fiscal 2020 increased 4%. Net income for the first nine months of fiscal 2020 was $2.3 billion, and diluted earnings per share were $1.86.

TJX Cos. President and CEO Ernie Herrman said the company was pleased with their strong performance in the third quarter as sales and earnings per share exceeded expectations.

“TJX International maintained its strong momentum driven by excellent performance in Europe,” Herrman said in a statement. “Looking ahead, the fourth quarter is off to a solid start and we have many initiatives underway to keep driving traffic and sales to our stores and online during the holiday season and beyond.”