FRAMINGHAM, Mass. (AP) -- TJX, parent company of TJ Maxx and Marshalls clothing stores, said Thursday that same-store sales rose 7 percent in October, easily beating Wall Street expectations. Total sales for the four-week period ended Oct. 27 increased 11 percent to $2.1 billion.
The company also boosted its outlook for the third-quarter and the year.
Analysts polled by Thomson Reuters expected the company's revenue at stores open at least a year to increase 4.4 percent. The metric is a key measure of a retailer's health, because it excludes the volatility from stores that opened or closed during the past year.
TJX said foot traffic at its stores drove sales higher. Almost all discounters have broadened their base with so much consternation about jobs and home values.
Sales at the company's European stores, where half of the nations in the European Union are in recession, increased 11 percent.
For the year-to-date, same-store sales increased 8 percent, while total sales rose 10 percent to $18.2 billion.
TJX said it now expects to post a third-quarter profit of about 61 cents per share, up from its previous estimate of 56 to 59 cents per share. Analysts polled by FactSet had been predicting earnings of 61 cents per share.
For the full year, the company said it expects to earn $2.44 to $2.47 per share, up from its August prediction of $2.39 to $2.45 per share. Analysts had expected $2.49 per share.
Shares of TJX Cos. rose 67 cents to close at $42.30.
- Investment & Company Information