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TJX Posts Strong September, HomeGoods Continues Gains

Friday October 5th, 2012 - 1:31PM


In September, TJX Cos. reported that consolidated comparable store sales increased 6% from the same month in 2011. Total sales for the five-week period ended September 29 were up 10% to $2.5 billion year over year.

TJX beat an average analyst comp estimate of up 4.4% delivered by Retail Metrics Inc.

Carol Meyrowitz, TJX CEO, stated in comments on the company’s financial results, “We are extremely pleased with our well-above-plan 6% consolidated comp store sales increase in September as it demonstrates our continued ability to post strong comp sales increases on top of strong increases in the previous year. Customer traffic continued as the driver of our comp sales increases at every division, a good indication that our value proposition of great brands and fashions at amazing prices continues to resonate with consumers.”

Comparable store sales at the company’s HomeGoods store chain increased by 4% in September, the company noted in a conference call.

Meyrowitz noted that Marmaxx, consisting of the T.J. Maxx and Marshalls chains, “achieved a strong 6% comp sales increase, and all divisions delivered excellent performance. We are particularly happy with business at TJX Europe, where comp sales increased 13%. Our results in Europe represent consistently good performance and an increasingly strong trend, which underscore our confidence in our European growth opportunity. It’s important to note that we ended the month with great momentum across the board, which bodes well for the rest of the fall as well as the 2012 holiday selling season, which we believe will be terrific for TJX.”

The Marmaxx home furnishings and housewares operation enjoyed a comp advance of 9%, the company said in the conference call. TJX Europe includes the T.K. Maxx and HomeSense chains.

In Canada, the company’s Winner’s and HomeSense chains combined posted comps up 4%. TJX recently launched Marshalls in Canada, but it does not yet substantially contribute to Canada comps.

TJX operates 1,018 T.J. Maxx, 904 Marshalls, and 409 HomeGoods stores in the United States, 222 Winners, 87 HomeSense and 13 Marshalls stores in Canada, and 341 T.K. Maxx and 24 HomeSense stores in Europe.