Reuters

(Reuters)

TJX's Comp Sales Beat Expectations

Industries Reuters

TJX, the operator of off-price retail chains T.J. Maxx and Marshalls, reported a bigger-than-expected increase in quarterly comparable sales as more bargain-hungry shoppers visited its stores.

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The company's comparable store sales rose 4 percent in the second quarter ended July 30, up for the 30th quarter in a row.

That was above the 3.5 percent increase analysts on average were expecting, according to a poll by research firm Consensus Metrix.

TJX, like other off-price retailers and fast-fashion chains such as Zara and H&M, offers chic and trendy clothes at lower prices to lure shoppers from department stores such as Macy's Inc and Nordstrom Inc and other mall-based chains.

TJX's net sales rose 7 percent to $7.88 billion.

The company also posted a 2.3 percent rise in net profit and raised its full-year profit forecast.

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(Reporting by Subrat Patnaik in Bengaluru; Editing by Martina D'Couto)