Framingham, Mass. TJX Cos. said Thursday that same-store sales climbed 8% in November, as shoppers continued to flock to its T.J. Maxx and Marshalls stores in search of bargains, but missed Wall Street expectations as it dealt with unseasonably warm weather.
TJX has been among the few retailers in 2009 to report solid increases in sales at stores open at least a year as many stores struggled during the recession as shoppers curtailed spending. But analysts surveyed by Thomson Reuters had higher expectations for TJX, predicting a 9.3% increase.
President and CEO Carol Meyrowitz said in a statement the company was happy with its results since it had to deal with unseasonably warm weather for most of the month. Warm weather during the fall means shoppers often delay purchases of seasonal items including coats, gloves, boots and hats.
TJX said total sales for the four weeks ended Nov. 28 rose 15% to $1.8 billion. Sales at T.J. Maxx and Marshalls stores open at least a year rose 9% in November.
The company said it will continue to send more product selections to its stores during the holidays to meet shoppers' needs and that business was strong during the Thanksgiving week and weekend.