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T.J. Maxx owner tops sales estimates as customers splurge on outfits -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: FILE PHOTO: A T.J. Maxx retailer which is owned by TJX Cos Inc in Pasadena, California U.S., Could 15, 2017. REUTERS/Mario Anzuoni/File Picture/File Picture

(Reuters) -TJX Cos Inc beat estimates for quarterly gross sales on Wednesday on robust demand for its discounted merchandise as folks returning to work and faculties splurged on refreshing their wardrobes.

Gross sales at off-price retailers have picked up this yr after coronavirus restrictions had been eased. Nonetheless, supply-chain bottlenecks and better prices have raised worries that the shops, which promote merchandise at roughly half the urged value, will likely be pressured to hike costs.

Internet revenue rose to $1.02 billion, or 84 cents per share, within the third quarter, from $866.7 million or 71 cents per share, a yr earlier.

The T.J. Maxx mother or father’s web gross sales rose to $12.53 billion within the quarter ended Oct. 30, from $10.12 billion a yr earlier. Analysts on common had projected web gross sales of $12.27 billion, in response to Refinitiv IBES information.

The corporate mentioned general open-only comparable retailer gross sales development for the beginning of the fourth quarter had been up within the mid-teens share vary over the fourth quarter two years in the past.

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