Sales at off-price retailers have picked up this year after coronavirus restrictions were eased. However, supply-chain bottlenecks and higher costs have raised worries that the stores, which sell products at roughly half the suggested price, will be forced to hike prices.
Net income rose to $1.02 billion, or 84 cents per share, in the third quarter, from $866.7 million or 71 cents per share, a year earlier.
The T.J. Maxx parent’s net sales rose to $12.53 billion in the quarter ended Oct. 30, from $10.12 billion a year earlier. Analysts on average had projected net sales of $12.27 billion, according to Refinitiv IBES data.
The company said overall open-only comparable store sales growth for the start of the fourth quarter were up in the mid-teens percentage range over the fourth quarter two years ago.
Source: Economy - investing.com
