TJX Companies Shares Slide as Retailer Misses Sales Estimate
By Cara Lombardo
Shares in TJX Cos. dropped 6% premarket after the discount retailer's same-store sales were flat in its latest quarter.
Consolidated same-store sales, which includes results from TJ Maxx, Marshalls, HomeGoods and non-U.S. stores, were flat from a year before, falling below the 2.3% increase that analysts from Consensus Metrix forecasted. Same-store sales increased 5% the year before.
The Massachusetts company also missed revenue estimates, but matched earnings estimates. The company's third-quarter revenue increased 7% to $8.76 billion, while analysts had expected $8.86 billion. TJX's net income was $641 million, or $1 a share, in line with analysts' expectations.
TJX shares are down 5.8% this year.
Write to Cara Lombardo at email@example.com
(END) Dow Jones Newswires
November 14, 2017 09:16 ET (14:16 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.