During the third quarter, the company increased its store count by 107 stores to a total of 4,519 stores.
For the first nine months of fiscal 2020, net sales were $29.5 billion, a 6 per cent increase over the same period last year. Consolidated comparable store sales for the first nine months of fiscal 2020 increased 4 per cent. Net income for the first nine months of fiscal 2020 was $2.3 billion.
“We are extremely pleased with our strong performance in the third quarter as both sales and earnings per share exceeded our expectations. Consolidated comp store sales increased 4 per cent over a very strong 7 per cent increase last year, and earnings per share were $.68. We are especially pleased that Marmaxx, HomeGoods, and TJX Canada each delivered a sequential increase in their comp store sales growth, and TJX International maintained its strong momentum driven by excellent performance in Europe, said Ernie Herrman, chief executive officer and president of The TJX Companies, Inc.
“Further, customer traffic was the primary driver of the comp store sales increases at each of these four major divisions. With our above-guidance third quarter results, we are raising our full-year earnings per share guidance. Looking ahead, the fourth quarter is off to a solid start and we have many initiatives underway to keep driving traffic and sales to our stores and online during the holiday season and beyond. We are convinced our holiday marketing campaigns will position us as a top shopping destination for exciting gifts at amazing prices. We are seeing fantastic, widespread availability of quality, branded merchandise and are in a great position to capitalise on these opportunities. Longer term, we are confident that we can gain additional market share and continue the successful growth of TJX in the US and internationally!”
For the fourth quarter of fiscal 2020, the company expects diluted earnings per share to be in the range of $.74 to $.76 versus earnings per share of $.68 in the prior year.
For the 52-week fiscal year ending February 1, 2020, the company now expects diluted earnings per share to be in the range of $2.61 to $2.63.
Fibre2Fashion News Desk (PC)
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