TJX comparable store sales beat as discounts attract shoppers
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A view of the sign outside the TJ Maxx store in Westminster, Colorado, February 26, 2014. TJX Cos Inc, operator of the TJ Maxx stores, announced quarterly results on Wednesday. REUTERS/Rick Wilking
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(Reuters) - TJX Cos Inc (NYSE: TJX), operator of off-price retailers T.J. Maxx and HomeGoods, reported better-than-expected quarterly comparable store sales as its discounted offerings continue to attract shoppers.
Shares of the company, which also owns Marshalls retail chain, were up 1.6 percent at $75.40 before the bell on Tuesday.
The company's comparable store sales rose 5 percent in the third quarter ended Oct. 29. Analysts on average had expected comparable store sales to rise 3.6 percent, according to Consensus Metrix.
TJX and other off-price retail chain operators have been growing quickly as bargain-hungry shoppers turn away from department stores and other mall-based chains.
The company sells home furnishings, apparel and accessories of well-known brands including Dolce & Gabbana and Versace, at prices 20-60 percent lower than those at most retailers.
TJX said its net sales rose to 6.9 percent to $8.29 billion, beating the average analysts' estimate of $8.22 billion, according to Thomson Reuters I/B/E/S.
However, net income fell to $549.79 million, or 83 cents per share, from $587.26 million, or 86 cents per share, a year earlier, due to a pension settlement charge and a loss on early extinguishment of debt. Excluding these items, the company earned 91 cents per share.
Analysts on average had expected a profit of 87 cents per share.
(Reporting by Jessica Kuruthukulangara and Gayathree Ganesan in Bengaluru; Editing by Martina D'Couto)
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