US: The TJX Companies grows Q3 income 40%
- Challenging environment cited
- Sales up 10%
- Nine-month net income $819m
Retailer The TJX Companies boosted net income in the third quarter, despite the adverse impact of foreign exchange rates and a non-operating item on year-over-year comparisons.
TJX reported net income from continuing operations for the third quarter of $348m, up 40% over last year
The off-price retailer of apparel and home fashions in the US worldwide said net sales for the third quarter of Fiscal 2010 increased 10% to $5.2bn and consolidated comparable store sales increased 7% over last year.
For the first nine months of Fiscal 2010, net sales were $14.3bn, a 5% increase over last year, while net income from continuing operations was $819m, up 27%.
Carol Meyrowitz, president and CEO of The TJX Companies, said: "We are pleased to see the strong momentum in our business continue despite the challenging economic environment.
"We achieved record third quarter results, driven by significant increases in comparable store sales and customer traffic that have continued to accelerate.
"We believe that our values and our great selections of fashions and brands will continue to resonate with the new customers we are attracting today when times improve. Further, with our value proposition and various off-price concepts, we have a broad customer appeal that spans a wide range of demographic groups.
"All of our businesses are performing well, both domestically and internationally, which bodes extremely well for our future growth. With strong momentum into November and confidence in our trend, we are raising our outlook for the fourth quarter and full year. We continue to see abundant opportunities in the worldwide marketplace and will be continuously shipping fresh, gift-giving assortments to our stores throughout the holiday selling season."
Click here to view the company's full Q3 earnings release.
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Spring has finally sprung for US retailers after a combination of factors pulled together in March to lift same-store sales for the seventh month in a row....
The fourth quarter and full-year results announced by The TJX Companies are about as good as it gets for any retailer in the US at the moment....
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