The US retail group TJX Companies Inc. was once again able to achieve surprisingly strong growth in sales and earnings in the third quarter of the 2023/24 financial year. The world’s largest off-price provider, which is represented in Germany with its chain TK Maxx, then raised its annual forecasts again on Wednesday.
In the 13 weeks before October 28th, the group generated sales of almost 13.3 billion US dollars (12.2 billion euros), exceeding the level of the previous year’s quarter by nine percent. Adjusted for exchange rate changes, revenue grew by eight percent.
The result was also above market expectations. Thanks to unexpectedly high margins, net profit rose by twelve percent to 1.19 billion US dollars (1.10 billion euros).
The positive development in recent weeks prompted management to raise its annual forecasts again. A like-for-like sales increase of between four and five percent is now expected, after growth of only two to three percent was previously forecast. The diluted earnings per share target, previously at $3.66 to $3.72, was raised to $3.71 to $3.74.