TJX Cos Inc, otherwise known as TJ Maxx, reported a higher-than-expected profit in the third quarter. The off-price retailer attributed the profits to the fact that cash-strapped consumers continue to frequent its stores for lower-cost apparel and home goods.
The owner of the TJ Maxx and Marshalls chains said its profit had risen to $347.8 million, or 81 cents a share, in the third quarter ending October 31. A year earlier, those numbers were $235.8 million, or 54 cents a share. Overall sales rose 10.1 percent to $5.24 billion beating analysts’ forecast of 80 cents per share profit and sales of $5.25 billion.
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