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TJX Q3 Income Leaps 35%; Ready for Big Holiday Selling Season

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Amidst a season of dour retail news, TJX Cos. has ample reason to celebrate. The Framingham-based company that operates retailers chains like T.J. Maxx, Marshalls and Home Goods just reported an overachieving third quarter performance that saw net income leap 35 percent.

The retail giant’s net income jumped to $623 million, or 86 cents a share in the third quarter ending November 2, from $462 million, or 62 cents per share this time last year. And revenue increased to $7 billion, a 9 percent increase. Same-store sales rose by 5 percent.

Over the last year alone, TJX Cos.’s shares have risen ore than 50 percent. On an adjusted basis, the company earned 75 cents a share, better than the Thomson Reuters’ estimate by one cent.

And despite a swarm of grim predictions regarding the holiday season, TJX Cos. is enthusiastic about its upcoming prospects. Carol Meyrowitz, chief executive, said, “The fourth quarter is off to a good start and we see exciting opportunities for this holiday selling season.”

TJX Cos. adjusted its earnings predictions for 2014 upward to a range between $2.80 and $2.83 per share, an improvement from $2.74 to $2.80 per share. Most analysts are predicting a fourth quarter earnings of 85 cents per share.

TJX Cos. operates stores all over the US, Canada and Europe in great number. There are 1,075 T.J. Maxx locations alone with 941 Marshalls stores, 448 HomeGoods, 227 Winners and 91 HomeSense locations in the US.

 

 

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