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TJX Companies second quarter net sales up 8%

RBR Staff Writer Published 21 August 2013

The TJX Companies, a Massachusetts-based off-price retailer of apparel and home fashions, has reported 8% increase in net sales to $6.4bn for the for the second quarter ended 3 August 2013 compared to $5.95bn for the same period in 2013.

Consolidated comparable store sales for the quarter increased by 4% over last year's reported 7% increase. Net income for the second quarter totaled $480m.

During the period, TJX Companies increased its store count by a net of 19 stores.

For the first half of Fiscal 2014, net sales were $12.6bn, up by 8% increase over last year. Consolidated comparable store sales for the first half of Fiscal 2014 increased 3% over last year's reported 8% increase.

The chain's net income for the first half of Fiscal 2014 was $932m.

The TJX Companies chief executive officer Carol Meyrowitz said the company witnessed strong second quarter results which were achieved over high year-over-year comparisons for quarterly comp sales and EPS growth.

"With our above-plan second quarter results, we are raising our full-year guidance. The third quarter is off to a solid start and we see many opportunities for the second half of the year and beyond," Meyrowitz added.

"Further, we see great growth opportunities in our brick-and-mortar business and are excited about the long-term potential of e-commerce as another avenue to bring our values to even more consumers."