Why The TJX Companies Stock Jumped 10% at the Open Today
Shares of discount apparel retailer The TJX Companies (NYSE: TJX) rose swiftly at the opening bell on Nov. 17, gaining as much as 10.5% in early trading. The big news was the company's fiscal third-quarter 2022 earnings release, which hit the market prior to trading today. There was good news all around.
TJX has been benefiting for several years from the increasing demand for discount-oriented stores. This trend hasn't slowed down at all, by the looks of the company's fiscal third-quarter 2022 earnings results. For example, sales rose 24% compared to the third quarter of fiscal 2021 and 20% over 2020. That last number is actually more telling, as it represents the company's pre-coronavirus sales levels. Like most retailers, TJX was forced to close its stores during the early days of the pandemic. And, thus, comparing fiscal 2022 to fiscal 2020 removes the anomaly year in which performance was down across most of the company's divisions.
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Source Fool.com
