February 26, 2020 / 1:34 PM / a month ago

UPDATE 1-TJX same-store sales beat expectations on holiday gains, shares rise

(Adds background, comments from press release)

Feb 26 (Reuters) - TJX Cos Inc beat quarterly same-store sales estimates on Wednesday, as more customers flocked to the off-price retailer's T.J. Maxx and Marshalls' stores during the holiday shopping period, sending its shares up about 6%.

The company's efforts to draw in customers through newly formatted stores with better lighting, flooring and enhanced shelves, and its marketing campaign for the holiday season paid off.

"Our exciting brands and gift-giving assortments at great values, supported by our marketing, attracted customers around the globe during the holiday season and beyond," said Chief Executive Officer Ernie Herrman.

The company reported a 6% rise in comparable-store sales during the quarter, trouncing the average analyst estimate of a 3.03% rise, according to IBES data from Refinitiv.

Same-store sales at Marmaxx, the biggest unit that houses T.J. Maxx and Marshalls stores, rose 6%, beating estimates of a 3.44% rise.

Net sales jumped nearly 10% to $12.21 billion, beating estimates of $11.83 billion.

Net income rose to $984.8 million, or 81 cents per share, in the fourth quarter ended Feb. 1 from $841.5 million, or 68 cents per share, a year earlier. (Reporting by Aditi Sebastian in Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli)

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