Fashion retailer The TJX Companies, Inc. (NYSE: TJX) announced financial results for the third quarter of 2024, reporting an increase in net sales and earnings.
Third-quarter sales increased to $13.3 billion from $12.2 billion in the corresponding period of last year. Overall comp store sales increased 6% and came in above the management’s expectations, driven primarily by strong customer traffic.
As a result, net income rose to $1.19 billion or $1.03 per share in the October quarter from $1.06 billion or $0.91 per share in the prior-year period. For the fourth quarter, the company continues to expect overall comparable store sales to be up 3% to 4%.
“We are strongly positioned as a shopping destination for gifts this holiday selling season and are convinced that our values and fresh shipments to our stores and online throughout the season will be a major draw again this year. Going forward, we continue to see excellent opportunities to grow sales and customer traffic, capture market share, and drive the profitability of our Company,” said TJX’s CEO Ernie Herrman.
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