Net income for the quarter stood at an impressive $1.2 billion. Additionally, diluted earnings per share increased to $1.03, up 13 per cent from $0.91 in Q3 FY23. When compared to the adjusted diluted earnings per share of $0.86 from the same quarter last year, this represents a substantial 20 per cent increase, TJX Companies said in a press release.

The company's pre-tax profit margin for Q3 FY24 was 12 per cent, exceeding both the company's expectations and the 11.2 per cent margin reported in the same quarter of the previous year. Gross profit margin also saw an improvement, reaching 31.1 per cent, a 2-percentage-point increase from Q3 FY23.

Despite these gains, selling, general, and administrative costs as a percent of sales for Q3 FY24 were up to 19.4 per cent, a 1.4 percentage point increase from the third quarter of fiscal 2023.

TJX Companies maintained a stable inventory level, with total inventories as of October 28, 2023, remaining at $8.3 billion, consistent with the end of the third quarter of fiscal 2023.

In terms of expansion, the company increased its store count by 50 stores, bringing the total to 4,934 stores. This expansion also included a 1 per cent increase in total square footage compared to the prior quarter.

“I am particularly pleased with the results at our Marmaxx division, which delivered terrific comp sales increases entirely driven by customer traffic. Customer traffic was up across all divisions, our overall apparel sales remained very strong, and home sales were outstanding and accelerated sequentially versus the second quarter. Across our geographies and wide customer demographic, our values and exciting, treasure-hunt shopping experience continued to resonate with consumers,” said Ernie Herrman, chief executive officer and president of The TJX Companies.

Looking at the first nine months of fiscal 2024, net sales were $37.8 billion, a 7 per cent increase from the same period in fiscal 2023. Comparable store sales for this period grew by 5 per cent. Net income for the first nine months reached $3.1 billion, with diluted earnings per share climbing to $2.65, a significant 27 per cent increase from $2.08 in the first nine months of fiscal 2023. Compared to the adjusted diluted earnings per share of $2.22 for the same period last year, this represents a 19 per cent increase, the release added.

Fibre2Fashion News Desk (DP)