The TJX Companies (NYSE: TJX) reported their fiscal Q4 2020 earnings, beating analyst expectations on strong growth and profitability for the off price retailer.

Sales for the off-price retailer on the quarter came in at $12.2 billion which was ahead of consensus estimates of $11.84 billion.

Net sales for the quarter were up 10% compared to the same quarter the previous year and the company also saw comparable store sales increase by 6%.

Comparable store sales were especially strong for the company’s International stores in Europe and Australia which saw an increase an increase of 10% on top of the previous year’s 5%.

In all the company increased it’s store count by 223 over the quarter, increasing total square footage by 4% over the same quarter the previous year.

On the bottom line, the company reported earnings of $0.81 per share which beat Wall Street expectations of $0.77 per share.

We are extremely pleased with our strong fourth quarter results, as both sales and earnings per share significantly exceeded our expectations. Fourth quarter consolidated comparable store sales increased a very strong 6%, over a 6% increase last year. We saw strength across the Company, with each major division delivering comp sales growth of 4% or higher, all over strong increases last year and all primarily driven by customer traffic. 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. TJX Companies Chief Executive Officer and President, Ernie Herrman

The company also provided guidance for their fiscal 2021, indicating they expect earnings of $2.77 to $2.83 per share which is below analyst expectations of  $2.87 per share.

TJX stock has kept pace with the market recently with the stock gaining just under 39% over 2019 and adding another 1.5% in 2020 thus far. After releasing earnings, the stock was up nearly 6% in pre-market trading as of the time of publishing.

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