T.J. Maxx parent beats earnings expectations, says holiday inventory is up versus pre-COVID

TJX Cos. TJX, +8.17% shares roseate 3.6% successful Wednesday premarket trading aft the off-price retailer reported fiscal third-quarter net and income that bushed expectations. Net income totaled $1.02 billion, oregon 84 cents per share, up from $866.7 million, oregon 71 cents per share, past year. Sales of $12.53 cardinal were up from $10.12 cardinal successful 2020. The FactSet statement was for EPS of 81 cents and income of $12.27 billion. Overall open-only comp store income roseate 14% for the period. Open-only comp store income measures income maturation oregon diminution astatine stores unfastened for the aforesaid days successful fiscal 2020, earlier COVID. TJX's portfolio includes TJ Maxx, HomeGoods and Marshalls. For the commencement of the 4th quarter, TJX says open-only comp store income are up mid-teens compared to fiscal 2020. Inventory arsenic of Oct. 30 was astatine $6.6 billion, up from $6.3 cardinal successful fiscal 2020. "We are successful an fantabulous inventory position, with astir of the merchandise needed for the vacation play either connected manus oregon scheduled to get astatine our stores and online successful clip for the holidays," said Chief Executive Ernie Herrman successful a statement. During the period, immoderate of the company's stores successful Australia were closed owed to the pandemic resulting successful astir $30 cardinal to $40 cardinal successful estimated mislaid sales. Currently, determination are nary stores closed owed to COVID-19. TJX banal is up 1.8% for the twelvemonth to day portion the S&P 500 scale SPX, -0.23% has rallied 25.2% for the period.