TJ Maxx & Marshalls parent company posts better-than-expected comp sales

TJX Cos Inc (NYSE:TJX), the owner of off-price retail chains T.J. Maxx and Marshalls, reported a better-than-expected increase in quarterly sales at established stores as discounts attracted more shoppers.

The company said on Tuesday comparable-store sales rose 3 percent in the second quarter ended July 29. Analysts on average had expected 2.3 percent, according to research firm Consensus Metrix.

Framingham, Massachusetts-based TJX's net income fell to $553 million, or 85 cents per share in the quarter, from $562.2 million, or 84 cents per share, a year earlier.

Revenue climbed 6 percent to $8.36 billion, beating analysts' expectations of $8.29 billion, according to Thomson Reuters I/B/E/S. (Reporting by Gayathree Ganesan and Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar)