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Nov 14, 2017

TJX's same-store sales flat in hurricane-hit Q3, shares fall

T.J. Maxx

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TJX Cos Inc reported flat same-store sales in the third quarter, blaming the impact of hurricanes in the United States and unseasonably warmer weather that dampened sales of cold weather apparel at its Marmaxx stores.

Shares of the company, which also missed quarterly revenue forecast, were down 6 per cent in trading before the bell on Tuesday.

Shoppers seeking the company's hallmark bargain deals drove sales higher by 6 per cent to US$8.8 billion in the third quarter, slightly below the US$8.86 billion that analysts on average had expected.

However, comparable store sales in the company's Marmaxx unit, which includes T.J. Maxx and Marshalls stores, reported a surprise 1 percent drop compared to analysts' expectations of a 1.4 percent rise, according to Thomson Reuters I/B/E/S.

Overall, TJX's comparable store sales were flat in the third quarter, missing the 2.2 percent rise expected by analysts.

The Framingham, Massachusetts-based company's net income rose to $641.44 million, or $1 per share in the third quarter ended Oct. 28, from $550 million, or 83 cents per share, a year earlier.

The company said it expects holiday-quarter same-store sales growth of 1-2 percent and added it continues to see its fiscal 2018 profit forecast at the high-end of the range of $3.91 to $3.93 per share. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Arun Koyyur and Patrick Graham)