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TJX fourth-quarter comparable sales top estimates
TJX fourth-quarter comparable sales top estimates By Investing.com
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AuthorScott KanowskyStock Markets
Published Feb 28, 2024 07:36AM ET
Updated Feb 28, 2024 08:04AM ET
© Reuters
Investing.com — TJX Companies (NYSE:TJX) has reported higher-than-anticipated sales growth in the fourth quarter.
The TJ Maxx and HomeGoods-owner was boosted by a jump in customer transactions, in a sign that shoppers are potentially seeking out cheaper options during a time of high inflation and elevated interest rates.
Consolidated comparable store sales rose by 5% in the 14 weeks ended on Feb. 3, topping Bloomberg consensus estimates of 4.09%.
Net sales expanded by 13% versus the year-ago period to $16.41 billion, also above expectations, while earnings per share increased to $1.22 thanks in part to lower freight costs and markdowns.
In a statement, Chief Executive Ernie Herrman said the company is beginning 2024 “in a position of strength,” adding that the first quarter is already “off to a good start.”
Shares in the low-cost department store chain oscillated around the flatline in premarket U.S. trading on Wednesday.
TJX fourth-quarter comparable sales top estimates
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