July Brings Home Big Comps For TJX
Friday August 3rd, 2012 - 11:10AM
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The TJX Cos. reported that consolidated comparable store sales for the four-week period ended July 28 increased 7% over the year-prior period. Total sales for the four-week period were up 8% to $1.8 billion year over year.
Comparable store sales at the Marmaxx group, including T.J. Maxx and Marshalls, increased by 7% with home fashions gaining 8%. At HomeGoods, comps gained 11%, while the TJX business in Canada enjoyed a 3% comp gain and that in Europe a 7% advance.
The TJX overall comp beat analyst average estimates by two percentage points.
Carol Meyrowitz, TJX CEO, stated, “We are very pleased to report that our strong momentum continued in July. Our consolidated comp store sales increase of 7% in the month significantly exceeded our expectations and was achieved over a 4% increase last year. Customer traffic was up substantially at all divisions and drove most of the comp increase, which we believe speaks to our on-point fashions and brands at great values and wide customer demographic appeal. With above-plan sales and strong margins in July, we now expect second quarter earnings per share to be approximately 55 cents, above our recently raised guidance and up significantly over last year. For the full year, we are now expecting earnings per share to be in the range of $2.38 to $2.44. We enter the third quarter in a very strong position, poised to capitalize on our many opportunities for the second half of 2012. Our inventories are in great shape, allowing us to consistently flow to our stores an exciting mix of fresh back-to-school merchandise at amazing values. This, along with our great marketing campaigns, gives us deep confidence that we will continue to fuel sales by driving customer traffic to our stores.”
TJX operates 1,005 T.J. Maxx, 891 Marshalls, and 393 HomeGoods stores in the United States, 220 Winners, 87 HomeSense and 12 Marshalls stores in Canada, and 338 T.K. Maxx and 24 HomeSense stores in Europe.
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