TJX Raises 3Q Profit As Sales Beat Expectations
19 November 2020 - 12:18AM
Dow Jones News
By Micah Maidenberg
TJX Cos. reported a smaller-than-expected sales decline for its
latest quarter but still has several hundred stores closed due to
coronavirus-pandemic-related restrictions.
The retail chain behind T.J. Maxx, HomeGoods and other stores on
Wednesday said it earned a profit of $866.7 million, or 71 cents a
share, for its quarter that ended Oct. 31, up from $828.3 million,
or 68 cents a share, for the year-earlier period.
A smaller provision for income taxes bolstered results but
selling, general and administrative costs were up in the quarter.
TJX's profit beat forecasts from analysts.
Net sales slipped to $10.12 billion from $10.45 billion.
Analysts had predicted $9.38 billion in sales for the latest
period, according to FactSet.
Comparable sales slid 5%, a lesser fall than the 10% to 20%
decline for that metric the Framingham, Mass.-based company had
forecast in August.
"All of our divisions drove sales above our plans, and our home,
beauty, and activewear businesses outperformed" in its
international division and for stores in the U.S., Chief Executive
Ernie Herrman said in a statement.
The company has about 470 stores that are temporarily closed due
to government mandates, mostly in Europe. TJX also said inventories
fell year over year to $5 billion, due in part to stronger sales
and challenges with merchandise deliveries.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
November 18, 2020 08:03 ET (13:03 GMT)
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