TJX Q3 Comps Flat

FRAMINGHAM, MA-TJX Cos., the owners of the off-price apparel chains T.J. Maxx and Marshalls, posted flat year-over-year same-stores sales during its Q3, which ended Oct. 29. The company’s $171 million net income was down from $200.8 million during the same year-ago period.

Unseasonably warm weather and the hurricanes in the Southeast were in part to blame for what Ben Cammarata, chairman and acting chief executive officer of the company, calls disappointing results. But he also blames the performance on poor execution. “We’ve allowed the growth of our business to distract us from the fundamentals that got us here,” he said during TJX’s conference call. “This will no longer be the case as we move forward.”

Net sales crept up 6%, to $4 billion. One category in particular that had trouble was women’s sportswear, where comparable sales fell 6%. Menswear, as well as the jewelry, accessories and footwear categories were cited as well-performing areas. Regions that boasted the highest same-store sales were the Southwest, the West and Florida, which together averaged in the mid-single digits.