While comparable store sales climbed by 3 per cent, the TJX Company’s net sales for the third quarter increased by 6 per cent to US $ 14.1 billion. During the first nine months, net sales reached US $ 40 billion, a 6 per cent rise compared to a 3 per cent gain in comparable store sales. The quarter’s net income was US $ 1.33 billion. Net income for the first nine months was US $ 3.5 billion.
In the third quarter, TJX paid US $ 179 million in cash to complete its investment in the joint venture with Grupo Axo, a company that operates worldwide brands in Mexico and South America, including full and off-price formats. According to the provisions of the final agreements, Axo owns 51 per cent of the joint venture and TJX controls 49 per cent.
Following the conclusion of the third quarter, the business paid US $ 344 million to acquire a 35 per cent minority ownership position in Brands For Less (BFL). Based in Dubai, BFL is the only significant off-price store of branded clothing, toys and home fashion in the area. At the moment, BFL runs more than 100 stores, mostly in Saudi Arabia and the United Arab Emirates, in addition to an online store.
The company added 56 locations overall during the reviewed quarter, bringing its total number of stores to 5,057.
TJX is still projecting a 2–3 per cent increase in consolidated comparable store sales for the fourth quarter. The company is still projecting a 3 per cent increase in consolidated comparable store sales for the entire year.
