Q3 FY16 net sales rise 5% at The TJX Companies

Consolidate comparable store sales for the third quarter of FY16 rose by 5 per cent as compared to a 2 per cent rise in the corresponding quarter last year. Consolidate pre-tax profit margin was recorded at 12.1 per cent.  Gross profit margin was recorded at 29 per cent for the period.

The net sales recorded by the company in the first nine months of FY16 was $22 billion, which is an increase of 6 per cent as compared to the corresponding period last year. Consolidate comparable store sales increased by 5 per cent during this period. Net income for the period was recorded at $1.6 billion.

Commenting on the results, Carol Meyrowitz, chairman and CEO of The TJX Companies said, “I am extremely pleased with our third quarter performance as our momentum continued. Our 5 per cent consolidate comparable store sales growth, over a 2 per cent increase last year, continued our excellent trend from the first two quarters and significantly exceeded our plans.”

“Our goal is to keep serving consumers and growing our market share around the world. To that end, we continue to balance growth with investments in our future to establish a strong foundation in the US and internationally,” he said.

For the fourth quarter of FY16, the company estimates consolidate comparable store sales growth of 2 per cent to 3 per cent. (MCJ)

Fibre2Fashion News Desk — India