Bargain-hungry customers help TJX beat sales estimates

(Reuters) – TJX Cos Inc (TJX.N) reported better-than-expected quarterly comparable-store sales on Tuesday, as deep discounts helped bring more bargain hunters into its T.J. Maxx and Marshalls apparel stores.

The company’s shares rose 2.6 percent in premarket trading.

TJX reported a 3 percent rise in comparable store sales for the first quarter, compared with the 2.5 percent increase analysts had expected, according to Thomson Reuters I/B/E/S.

The company also raised its full-year adjusted profit forecast to $4.04 to $4.10 per share, from $4.00 to $4.08.

The company’s net income jumped 33.6 percent to $716.4 million, or $1.13 per share, in the quarter ended May 5, from a year earlier.

The Framingham, Massachusetts-based company posted an 11.6 percent rise in net sales to $8.69 billion, beating analysts’ estimate of $8.47 billion.

Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel

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