Stronger Dollar Impacts TJX Sales

Framingham, Mass. The TJX Cos. said Thursday that same-store sales fell 1% in September, missing analyst projections, hurt by a stronger dollar.

Analysts surveyed by Thomson Reuters, on average, expected same-store sales to rise 0.5%.

Excluding the stronger dollar, however, same-store sales rose 1%.

For the five-week period ended Oct. 4, total sales rose 3% to $1.83 billion.

The company said customer transactions were up despite the same-store sales decline. Sales trends in the United States "dramatically" improved at the end of the month, the company said.

“Although September consolidated comparable store sales were below plan, customer transactions were up across virtually all divisions. Also, despite economic concerns internationally, our divisions in these markets had strong performance,” Carol Meyrowitz, president and chief executive The TJX Cos., Inc., stated.

Year-to-date, same-store sales rose 3% while total sales rose 6% to $12.2 billion.