Framingham, Mass., TJX Cos. announced Tuesday that its third-quarter profit rose 13%, falling short of analysts’ expectations as apparel sales were negatively impacted by unseasonably warm early fall weather.
However, the company slightly raised its fourth-quarter earnings outlook. Net income for the three-month period ending Oct. 27 increased to $249.5 million, up from a profit of $230.6 million in the same quarter a year ago.
Revenue rose 6% to $4.74 billion from $4.47 billion a year ago. Analysts had expected revenue of $4.79 billion in the latest quarter. Sales at stores open at least a year rose 3%.
“While sales were slightly below plan, we believe this was mostly due to unseasonably warm weather through the majority of September and October,” said Caroly Meyrowitz, president and CEO.
TJX expects same-store sales growth of 4% for both the fourth quarter and full year.