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TJX Says Same-store Sales Rose 5 Percent In May

The Associated Press

FRAMINGHAM, Mass. (AP) — Discount retailer TJX Cos. said Thursday its same-store sales rose 5 percent in May, better than Wall Street expectations.

Analysts polled by Thomson Reuters expected a same-store sales increase of 3.6 percent.

Same-store sales, or sales at stores open at least a year, are an important retail performance indicator because they measure growth at existing stores rather than newly opened ones.

The parent company of TJ Maxx, Marshall's and other retail chains backed its second-quarter outlook for earnings between 43 cents and 49 cents per share. Analysts expect earnings of 48 cents per share.

Total sales for the four weeks ended May 30 rose 4 percent to $1.49 billion.

For the 17 weeks ended May 30, total sales rose 1 percent to $5.84 billion, and same-store sales rose 3 percent.

"Our consolidated comparable store sales increase of 5 percent in May exceeded our expectations, as our strong value equation continued to resonate with customers and boost customer traffic," Chief Executive Carol Meyrowitz said in a statement.