Framingham, Mass.-based TJX Company’s
second-quarter profit rose 16 percent as the owner of T.J. Maxx
and Marshalls stores sold more clothing and home decorations to
customers looking for bargains.
Net income increased to $129.6 million, or 24 cents a share,
from $111.9 million, or 20 cents, a year earlier, TJX said in a
statement. Sales in the quarter ended July 27 rose 11 percent to
$2.77 billion from $2.49 billion.
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Sales at stores open at least a year rose 2 percent, said
TJX, which sells brand-name clothing, jewelry and linens at prices
lower than department stores. The retailer said it kept inventory
lean and stocked up quickly on items in demand. The company
expects to gain new customers in the second half as more people
seek to stretch their budgets in the slumping economy.
“Once they get customers into the stores, the customers feel
good and they’re willing to come back,” said Art Bonnel, manager
of the Bonnel Growth Fund at U.S. Global Investors, which has
about $1.3 billion in assets under management including TJX
shares. “People say, `Hey, this is kind of neat. I can get good
stuff here for less money.”’
Bloomberg News
