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Weather-Worn TJX Struggles To Small February Comp Gain

Thursday March 7th, 2013 - 12:44PM

In the four-week period ended March 2, sales at The TJX Cos., Inc. increased by 7% to $1.8 billion versus the four-week period ended February 25, 2012. Comparable store sales gained 1%.

Comps at the Marmaxx group, including the T.J. Maxx and Marshalls chains, were flat but, in a conference call, a company spokesperson noted that the metric in home fashions gained 6% versus a 2% slide in apparel. HomeGoods comps advanced 4%. In Canada, home fashions also did well despite the 1% comp decline across the division. Comparable store sales in the company's Europe division increased by 5%.

Carol Meyrowitz, TJX CEO said in comments on the results, “Business trends picked up at the very end of the month, leading to our February comp store sales coming in higher than expected at a 1% increase. Winter storms in many U.S. and Canadian regions kept customers at home, but we were pleased to see our momentum continue in warmer weather markets. Further, our home businesses, which are less weather sensitive, were strong across the board. We are also happy with the continued strength of our European businesses.”