Framingham, Mass. -- The TJX Companies reported better-than-expected net income of $622.6 million for the third quarter, up 35% million from $461.5 million in the year-ago period. The chain also raised its full-year guidance.
Net sales grew about 9% to $6.98 billion from $6.41 billion as bargain-hunting consumers flocked to its stores. Same-store sales rose 5%. The chain credited the ability of its off-price format to succeed in any economic environment as a key component of its strong quarterly performance.
“We believe these robust results demonstrate, once again, our ability to succeed in all types of economic and retail environments. We are raising our full-year guidance to reflect our third quarter performance,” said Carol Meyrowitz, CEO of TJX. “The fourth quarter is off to a good start and we see exciting opportunities for this holiday selling season: we have great initiatives planned and will be shipping fresh gift-giving selections to our stores throughout the holiday season. Longer term, we see tremendous potential ahead for TJX, and we remain very confident in our ability to continue driving substantial top- and bottom-line growth.”