T.J. Maxx and Marshalls owner, TJX Cos Inc., just reported a better than expected quarterly report and sales this week.
The stores are known for their discount prices on big brands and sells home furnishings as well as apparel and accessories. Most items are 20 to even 60% lower than their cost at other retailers.
For the second quarter, the Massachusetts-based company reported an increase of 3% in comparable-store sales. Analysts had only been expecting 2.9%. Revenue for the quarter was also a beat at $8.36 billion compared to the $8.29 billion that analysts expected. EPS of 85 cents was also a penny higher than the 84 cents expected.
TJX Cos Inc., also raised its forecast for the full year ending January 2018. The company expects adjusted earnings of $3.78 to $3.82 per share. Previously the company had forecast $3.71 to $3.78. Analysts are expecting $3.89 per share.
CEO Ernie Herrman commented, “Customer traffic was up and was the primary driver of our comp store sales growth at every division.”
Disclaimer: We have no position in TJX Companies Inc. (NYSE: TJX) and have not been compensated for this article.