TJX — the corporate owner of the T.J. Maxx, Marshalls and HomeGoods chains — continues to impress investors with high earnings, showing its off-price big-brand "treasure hunt" stores remain popular amid an uneven retail climate, while the company prepares to launch web sales.
The Framingham company beat Wall Street estimates with earnings that jumped 13.9 percent to $479.5 million for the quarter ended Aug. 3, on sales that rose 8 percent to $6.4 billion.
The TJX Companies, Inc., has a markedly different operating model than most retailers, according to Stifel Nicolaus analyst Richard Jaffe. "They're selling nationally recognized brands at discounted prices," he said. "(Consumers) have to apply some energy in looking through the assortments, but they know that they will find good things at low prices, and that is very different from ... any other department store or specialty store."
TJX saw increased customer traffic and higher checkout receipts, with strong results in clothing and home goods.
"It is great to see a strong performance continue over such strong year-over-year comparisons," CEO Carol Meyrowitz said.
TJX narrowed the window for its T.J. Maxx e-commerce website launch, saying it will begin controlled test sales by late fall.
Meyrowitz isn't concerned about translating the "treasure hunt" experience to online, where customers, as in stores, may not always find items in the right color or size. "I believe it can," she said. "T.J. Maxx is a very well-known brand."
TJX shares hit a 52-week high of $54.41 yesterday, closing at $54.24, up 6.88 percent. The better-than-expected results, combined with a "solid start" to the current quarter, prompted the company to raise its outlook for the entire year.
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