In a slight topline miss, TJX on Wednesday said its net sales grew 3.3% year over year to $11.8 billion. U.S. Marmaxx net sales, which includes T.J. Maxx, Marshalls and Sierra stores, rose 7.2%, while U.S. HomeGoods sales fell 3.4%.
Store comps at Marmaxx rose 5% year over year, while comps at HomeGoods fell 7%. Overall company comps rose 3%, per a company press release.
Margins were more robust, in part thanks to lower freight costs. Pretax profit margin rose to 10.3%, from 7.5%; gross margin expanded by 1 percentage point, and merchandise margin was up. Net income rose 51.8% to $891 million.Retail Dive