Adds background, details on results
Nov 17 (Reuters) – TJX Cos Inc TJX.N beat estimates for quarterly sales on Wednesday on strong demand for its discounted products as people returning to work and colleges splurged on refreshing their wardrobes.
Sales at off-price retailers have picked up this year after coronavirus restrictions were eased. However, supply-chain bottlenecks and higher costs have raised worries that the stores, which sell products at roughly half the suggested price, will be forced to hike prices.
Net income rose to $1.02 billion, or 84 cents per share, in the third quarter, from $866.7 million or 71 cents per share, a year earlier.
The T.J. Maxx parent’s net sales rose to $12.53 billion in the quarter ended Oct. 30, from $10.12 billion a year earlier. Analysts on average had projected net sales of $12.27 billion, according to Refinitiv IBES data.
The company said overall open-only comparable store sales growth for the start of the fourth quarter were up in the mid-teens percentage range over the fourth quarter two years ago.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Amy Caren Daniel)
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