Framingham, Mass. TJX Cos. Inc. posted a higher quarterly profit on Tuesday as shoppers headed to its stores for deals on clothes.
The company also is raising its profit outlook as it benefits from shoppers looking for cheaper alternatives. The company said profit more than tripled to $200.22 million for its second quarter ended July 26 from $59.03 million a year earlier.
Net sales rose 7% to $4.6 billion, while same-store sales rose 4%. TJX posted a 3% rise in July same-store sales.
"We are very pleased with our second-quarter performance," stated Carol Meyrowitz, president and CEO, The TJX Cos., Inc. "In a very challenging retail environment, we delivered strong sales, merchandise margins and profit increases on top of very strong operating results last year."