Target, TJMaxx Post Strong Results

  • November 17, 2009
Looks like some consumers are shopping a little bit more -- as long as the price is right. The TJX Cos., owner of TJMaxx and Marshalls, says its third-quarter sales hit $5.2 billion, a new record, and a 10% gain from the same period a year ago, while same-store sales gained 7%. Net income at the Framingham, Mass.-based chain increased 40% to $348 million.

"We believe that our values and our great selections of fashions and brands will continue to resonate with the new customers we are attracting today when times improve," president and CEO Carol Meyrowitz says in its earnings release. "With strong momentum into November and confidence in our trend, we are raising our outlook for the fourth quarter and full year."

Somewhat less rosy, but still encouraging, are Target Corp.'s results, with earnings for the third quarter gaining 18.4% to $436 million, compared with $369 million in the third quarter last year. The company says its profit levels are "well above expectations." Overall sales for the Minneapolis-based chain increased 1.4%, due to new store expansion, while comparable store sales slipped 1.6%.

"As we look ahead, we remain keenly focused on delighting our guests with exciting merchandise, exceptional prices and superior service during the holiday season and believe we are well-positioned to capture profitable market share," it says in its release.--Sarah Mahoney



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