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TJX's second-quarter sales beat estimates

TJX's second-quarter sales beat estimates

FILE PHOTO: A T.J. Maxx store which is owned by TJX Cos Inc in Pasadena, California U.S., May 15, 2017. REUTERS/Mario Anzuoni

REUTERS: Off-price retailer TJX Cos Inc on Wednesday beat market estimates for quarterly net sales, helped by strong demand for home-improvement products from consumers stuck indoors during the coronavirus lockdown.

Net sales came in at US$6.67 billion in the second quarter ended Aug. 1, compared with US$9.78 billion last year. However, analysts on average were projecting net sales of US$6.57 billion, according to IBES data from Refinitiv.

TJX reported a net loss of US$214.2 million, of 18 cents per share, from a profit of about US$759 million, or 62 cents per share last year.

(Reporting by Praveen Paramasivam in Bengaluru, Editing by Sherry Jacob-Phillips)

Source: Reuters

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