×
By
Reuters
Published
Aug 18, 2009
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

TJX posts higher quarterly profit

By
Reuters
Published
Aug 18, 2009

CHICAGO, Aug 18 (Reuters) - Off-price retailer TJX Cos Inc (TJX.N) posted higher quarterly profit on Tuesday 18 August, as consumers sought out its stores to buy fashion brands at low prices.


Marshalls, a TJX chain - Photo: www.tjx.com

The owner of the T.J Maxx and Marshalls chains said net profit was $261.6 million or 61 cents per share, in the second quarter that ended Aug. 1, compared with $200.2 million, or 45 cents per share, a year earlier.

Analysts on average had forecast 60 cents a share, according to Reuters Estimates.

Sales rose 4.4 percent to $4.75 billion.

TJX buys excess merchandise at below-wholesale prices and sells it at deep discounts -- an appealing prospect for consumers who are spending less on discretionary items like clothes and home goods in the economic slump.

TJX shares fell to $34.85 on Tuesday 18 August morning in premarket electronic trading from Monday 17 August's New York stock Exchange close of $35.38. (Reporting by Brad Dorfman, editing by Gerald E. McCormick)

© Thomson Reuters 2022 All rights reserved.