TJX beats estimates as big discounts attract young shoppers [CNBC]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: CNBC
Off-price retailer TJX blew past quarterly comparable-store sales estimates on Tuesday as big discounts attracted more younger shoppers and generated its 16th consecutive quarter of growth in customer traffic. Unlike Macy's and J.C. Penney , which have closed stores and shifted their focus online, TJX has thrived through a period of uncertainty for major U.S. retailers driven by the growth of Amazon.com and other web-based players. The company's treasure-hunt style marketing technique, based on unpublicized but deep discounts on apparel and accessories, proved to be a hit with younger customers, driving a 34 percent jump in profit and lifting its shares by 6 percent. We have been attracting new customers to all our divisions, a significant share of whom are younger customers. This is great for our business today and for the future, TJX Chief Executive Officer Ernie Herrman said in a statement. Same-store sales rose 6 percent in the second quarter, easily beat
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