The operator of UK discount retailer T.K. Maxx, TJX, has reported a better than expected increase in sales over the last quarter.
TJX’s in-store sales rose for the 30th quarter in a row, showing no signs of slowing with a 4 per cent increase in the quarter up to July 30, above the 3.5 estimates of analysts.
The company’s net sales also rose seven per cent to $7.88 billion (£6.07 billion) and posted a 2.3 per cent in net profits.
Despite these promising figures, TJX’s current quarter forecasts are below estimates. The rise in wages and adverse economic climates in countries other than the states, which account for over a 5th of its revenue have caused the company to be cautious in estimates.
This morning the company’s shares fell about three per cent on the stock market. It estimates a 85 cents per share profit this quarter, contrasting analysts 90 cents per share.
“It was terrific to see our strong customer traffic and comps continue in the second quarter,” chief executive Ernie Herrman said.