The TJX Companies Inc. announced sales and earnings results for the third quarter, which ended November 2. Net sales for the third quarter of Fiscal Year 2020 increased 6% to $10.5 billion. Consolidated comparable store sales increased 4% over last year’s 7% increase.
“We are extremely pleased with our strong performance in
the third quarter as both sales and earnings per share exceeded our expectations,” said Ernie Herrman, CEO and president of The TJX Companies Inc. “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.”
The company also reported that net income for the third quarter was $828 million, and diluted earnings per share were $0.68 versus $0.61 in the prior year. This was an 8% increase versus the prior year’s adjusted $0.63, which excluded a $.02 pension settlement charge.
For the first nine months of FY 2020, net sales were $29.5 billion, a 6% increase over the same period last year. Consolidated comparable store
sales for the first nine months of FY 2020 increased 4%. Net income for the first nine months of FY 2020 was $2.3 billion, and diluted earnings
per share were $1.86.
“Further, customer traffic was the primary driver of the comp store sales increases at each of these four major divisions,” continued Herrman. “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 capitalize on these opportunities. Longer term, we are confident that we can gain additional market share and continue the successful growth of TJX in the U.S. and internationally!”
