TJX same-store sales rise as bargains continue to attract shoppers
FILE PHOTO: A sign is seen outside a T.J. Maxx store in Skokie, Illinois, U.S. May 13, 2016. REUTERS/Jim Young/File Photo (Reuters)
(Reuters) - Off-price apparel retailer TJX Cos Inc reported fourth-quarter same-store sales on Wednesday that beat analysts' estimates, as discounts drew shoppers to its Marmaxx and HomeGoods stores during the holiday season.
The company's shares were up 8.7 percent at $84 in premarket trading.
Same-store sales rose 4 percent in the reported quarter, beating the average analysts' estimate of 2.1 percent, according to Thomson Reuters I/B/E/S.
Net sales rose to $10.96 billion from $9.47 billion.
The company also raised its quarterly dividend by 25 percent to 39 cents per share and said it would repurchase about $2.5 billion to $3 billion worth of shares this fiscal year.
(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)