The TJX Companies Inc. exceeded Wall Street’s expectations in Q3, fueled by strong growth in its HomeGoods division, which generated 15% comp-store sales growth.
“At HomeGoods, we delivered another quarter of double-digit open-only comp store sales growth,” said Ernie Herrman, CEO and President of TJX in its earnings release. “To both leverage our strength in the home category and capitalize on our market share growth opportunities, we are pleased to share that we plan to roll out ecommerce on HomeGoods.com later next year.”
The off-price apparel and home fashions retailer, which operates stores under the T.J. Maxx, Marshalls, HomeGoods, Sierra and Homesense banners, also said that Q3 net sales fell 3.2% compared to the same period last year, to $10.1 billion. However, that figure exceeded previous analysts’ forecasts of $9.38 billion. Overall comp-store sales (which do not include ecommerce or locations closed due to the pandemic) were down 5% versus last year.
“Our third-quarter results significantly exceeded our plans on both the top and bottom lines as consumers were drawn to our compelling brands and values,” said Herrman. “All of our divisions drove sales above our plans, and our home, beauty and activewear businesses outperformed at Marmaxx, TJX Canada and TJX International.”