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By
Reuters
Published
May 17, 2016
Reading time
2 minutes
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T.J. Maxx owner raises forecast as shoppers hunt for bargains

By
Reuters
Published
May 17, 2016

TJX Cos Inc, the owner of off-price chains T.J. Maxx and Marshalls, reported better-than-expected quarterly sales and raised its full-year profit forecast as its discounted offerings lured price-conscious shoppers from full-price retailers.


TJX


Shares of the company, which also raised its full-year profit forecast, rose as much as 4.2 percent to $78.38 in early trading on Tuesday.

"Constantly changing assortment, the excitement of finding a bargain, and the sense of urgency associated with having to secure a product before it is sold out, all give consumers a reason to regularly visit shops," Neil Saunders, chief executive of consumer research firm Conlumino, wrote in a note.

TJX sells home furnishings and apparel brands such as Dolce & Gabbana or Juicy Couture priced about 20 to 60 percent lower than at most retailers.
The company said strong customer traffic drove comparable store sales increases at every division in the first quarter ended April 30.

"Across the board, we are just seeing a major share-shift away from full-priced department stores to the off-priced channel," Edward Jones analyst Brian Yarbrough told Reuters.

"TJX is right in their wheelhouse."

Department store operators Macy's Inc, J.C. Penney Co Inc and Kohl's Corp all reported a fall in sales this quarter. For Macy's and Kohl's, comparable store sales were the poorest since the depths of the recession.

TJX raised its profit forecast for the year ending January 2017 to $3.35-$3.42 per share from $3.29-$3.38.

Sales at U.S. T.J. Maxx and Marshalls stores open for at least two straight fiscal years rose 6 percent in the first quarter, smashing the 3.50 percent increase analysts polled by research firm Consensus Metrix had expected.

The company's net income rose 7.1 percent to $508.3 million, or 76 cents per share, beating the average analyst estimate of 71 cents, according to Thomson Reuters I/B/E/S.

Net sales rose 9.9 percent to $7.54 billion, also topping estimate of $7.29 billion.

The company shares pared some gains to be up 1 percent at $76 in morning trading.

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