Shares of discount retail clothing chain TJX Cos. (TJX) - Get Report rose on Tuesday after the company bucked the trend of weak retail reports with quarterly sales and earnings numbers that beat analysts' forecasts.
The Framingham, Mass.-based company posted fiscal third-quarter earnings of $828.3 million, or 68 cents a share, vs. $739.6 million, or 63 cents a share, in the year-ago. Analysts polled by FactSet had been expecting earnings of 66 cents a share.
Sales came in at $10.45 billion, above sales of $9.8 billion a year ago and above analysts' estimates of $10.32 billion. Same-store sales, a key metric in retail, gained 4% during the quarter, the company said.
The figures buck the trend of other retailers including rival Kohl's (KSS) - Get Report which have reported weaker-than-expected third-quarter results. Lowe's (LOW) - Get Report will release its quarterly results before the market open on Wednesday while Macy's (M) - Get Report will report third-quarter numbers later this week.
They also come as retailers of all stripes report mixed results, in particular Home Depot (HD) - Get Report , which on Tuesday announced a decent quarter but warned its full-year sales and earnings numbers would likely come in soft.
U.S. retail sales rose 0.3% last month, but missed economists' forecasts when car sales and declines in clothing, furniture, electronics, and building materials were factored in. Previous readings for August and September were also revised lower.
Those numbers don't seem to apply to TJX, however. In a statement, CEO Ernie Herrman noted he is optimistic about the company's crucial upcoming fiscal fourth quarter, which is "... off to a solid start.
"We are convinced our holiday marketing campaigns will position us as a top shopping destination for exciting gifts at amazing prices," he said.
For the fourth quarter of fiscal 2020, TJX said it expects per-share earnings in the range of 74 cents to 76 cents vs. earnings of 68 cents a share in the same period last year. Same-store sales are expected to be in the 2% to 3% range.
TJX stock was up 1.44%, or 86 cents a share, at $60.52 in morning trading on Tuesday. Shares have risen approximately 17% since the company's last earnings report in August.