TJX Exceeds Expectations Despite Slower Growth in Marmaxx Division
The TJX Companies (NYSE:TJX) reported second-quarter results that exceeded expectations, with consolidated comparable sales rising by 4% and adjusted earnings per share increasing to $1.22 from a year ago. The company raised its full-year profit outlook despite slower growth in Marmaxx, the division responsible for most of TJX's revenue. HomeGoods was a standout performer, driving strong results with comparable sales up by 7%. This success helped offset weaker performance at Marmaxx, where comparable sales grew just 1% due to fewer transactions. Management cited execution issues in store mix as a key challenge and expects continued pressure from rising fuel costs and freight expenses. TJX plans to expand its long-term store target by 500 locations and accelerate new openings starting next year. The company also returned $1.3 billion to shareholders through buybacks and dividends.
Tickers: $TJX
Topics: comparable_sales profit_growth retail