Reuters

(Reuters)

TJX's 4Q Sales Beat Analysts' Estimate

Industries Reuters

TJX, the owner of off-price chains T.J. Maxx and Marshalls, reported higher-than-expected quarterly sales as it attracted more bargain-hungry shoppers in the holiday season.

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The company also said on Wednesday that it would buy back about $1.5 billion-$2.0 billion in shares.

TJX shares rose about 1.5 percent in premarket trading.

TJX, which sells home furnishings and apparel of brands such as Dolce and Gabbana at up to 80 percent discount, said sales at its established stores rose 6 percent in the fourth quarter.

Analysts on average had expected a rise of 3 percent, according to research firm Consensus Metrix.

TJX's net income rose 2.8 percent to $666.5 million, or 99 cents per share, in the quarter ended Jan. 30, beating the average analyst estimate of 94 cents per share, according to Thomson Reuters I/B/E/S.

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Net sales increased 7.9 percent to $8.96 billion, topping the analysts' expectations of $8.73 billion.

The retailer also raised its quarterly dividend by 24 percent to 26 cents per share.

TJX shares were trading at $73.80 before the bell.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Kirti Pandey)