TJX Co., the parent company of such off-price retailers as Marshall’s and TJ Maxx, surprised Wall Street on Tuesday by reporting a 5 percent increase in comparable sales for the quarter ending October 31, beating analysts’ estimates by more than a percent. It also raised its comparable sales growth forecast for the year to 4-5 percent, from the 3-4 percent growth it had earlier estimated.
Other numbers were less dramatic; the company’s revenue rose 5.3 percent to $7.75 billion (from $7.37 billion), while net income actually fell to $587.3 million (from $595 million). Profit per share rose to 86 cents from 85 cents, slightly above what had been predicted.
As of noon, TJX was trading at 68.50, an approximately 4 percent increase from its Tuesday closing price.