June Warms TJX Business More Than Expected
Thursday July 5th, 2012 - 11:32AM
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The TJX Cos. said today that sales for the five-week period ended June 30 were up 9% to $2.3 billion versus the year-prior month. June consolidated comparable store sales increased 7% year over year.
Traffic gains across the company’s store portfolio drove comps above management expectations for the month, according to a TJX recorded conference call.
In the United States, comps advanced by 6% at the Marmaxx Group, including T.J. Maxx and Marshalls, with equal gains coming from apparel and home. At the same time, comps at HomeGoods increased by 10%.
In Canada, where TJX operates the Winner’s, Marshalls and HomeSense chains, comparable store sales were up 5%, while in Europe, where it operates T.K. Maxx and HomeSense, comps gained 12%.
In comments on the June results, Carol Meyrowitz, TJX CEO, stated, “Our 7% consolidated comparable store sales increase significantly exceeded our expectations and was achieved over 5% growth last year. It is great to see such consistent, strong performance across the company, with all of our businesses in the U.S., Canada and Europe continuing to deliver excellent results. Customer traffic during the month increased substantially at every division, which speaks to the tremendous appeal of our values, brands and fashions for consumers. With above-plan sales in June and strong flow-through to the bottom line, we are now expecting our second quarter earnings per share to be in the range of 52 to 53 cents, which would represent double-digit growth on top of double-digit growth in last year’s second quarter. For the full year, we are raising our EPS guidance to $2.31 to $2.39.”
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