For the third quarter ended 28 October 2023, TJX Companies saw net income increase to $1.2bn from $1.1bn in the same period last year.
The income before income taxes rose from $1,359m to $1,589m.
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In the third quarter of fiscal 2024, TJX closed its HomeGoods e-commerce business, which the company shared was not contemplated in its guidance and negatively impacted diluted earnings per share.
However, Ernie Herrman, chief executive officer and president of The TJX Companies, noted that the company’s Marmaxx and HomeGoods divisons delivered “terrific” comparable sales increases entirely driven by customer traffic.
Herrman stated: “I am extremely pleased with our third quarter performance and strong execution of our teams as our comp store sales, pretax profit margin, and earnings per share all exceeded our expectations. Customer traffic was up across all divisions, our overall apparel sales remained very strong, and home sales were outstanding and accelerated sequentially versus the second quarter. Across our geographies and wide customer demographic, our values and exciting, treasure-hunt shopping experience continued to resonate with consumers.”
Sharing guidance and expectations for the fourth quarter, he added that with the company’s “above-plan” results it is raising the full-year guidance for comparable store sales and earnings per share.
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By GlobalDataMoreover, he believes TJX is strongly positioned as a shopping destination for gifts this holiday selling season and that the company’s values and fresh shipments to its store and online will be a major draw again this year.
Hermann shared: “Going forward, we continue to see excellent opportunities to grow sales and customer traffic, capture market share, and drive the profitability of our Company.”
At that time, GlobalData analyst Neil Saunders explained that TJX made the most of the favourable buying environment as other retailers and brands looked to offload stock.
