Bargain hunters boost TJX profits

TJX, which owns TJ Maxx, specialises in cut-price goods

TJX, which owns the TJ Maxx chain, has reported strong growth in quarterly profits and raised its annual forecast.

The firm made a profit of $200.2m (£105.2) in the three months to 26 July, from $59m a year ago.

However, last year's figure included a post-tax charge of $118m to cover a security breach when hackers accessed customers' card numbers and passwords.

TJX operates eight businesses that focus on cut-price branded home goods and clothes.

The firm has raised its earnings per share outlook for the full fiscal year to $2.26-$2.31, up from an original estimate of $2.20-$2.25.

Net sales in the second quarter increased by 7% to $4.6bn while same-store sales, referring to those open at least a year, climbed 4%.

The firm, which purchases excess goods at less than the wholesale cost, owns TJ Maxx, Marshalls, HomeGoods, and AJ Wright in the US, Winners and HomeSense in Canada, and TK Maxx in Europe.