TJX Net Grows 9.2 Percent in Q3
November 15, 2011,
FRAMINGHAM, Mass.-Increases in both sales and margins bolstered The TJX Cos. to a gain of 9.2 percent in third-quarter net income, to $406.5 million.
Net sales for the off-price retail company in the quarter, which ended on Oct. 29, rose 4.8 percent to $5.8 billion, which included a consolidated same-store sales increase of 3 percent. Looking at the performances by individual divisions, the HomeGoods specialty-store operation led the pack with a gain of 5 percent in same-store sales, followed by Marmaxx with a 4 percent pickup.
Gross margin rose 58 basis points to 28.1 percent. Although selling, general and administrative expenses increased 4.5 percent in dollars, they declined five basis points as a percentage of sales, to 16.5 percent.