Retailers extended their run of good news on Tuesday with Kohl’s Corp. KSS +1.07% and the parent of T.J. Maxx reporting strong quarterly results.
Kohl’s sales excluding newly opened or closed locations rose 3.1% in the three months to Aug. 4. Same-store sales would have increased 4.3% for the period excluding the effects of a promotion that shifted into the first quarter this year from the second quarter last year.
Net sales rose 3.9% to $4.31 billion. Net income rose 40% to $292 million, compared with $208 million a year ago.
TJX Co TJX +4.45% s. posted a 6% increase in same-store sales. Sales grew across all categories, including a 7% increase in its division that includes the T.J. Maxx and Marshalls chains. TJX said higher foot traffic drove the gains.
Net sales increased 11.6% to $9.3 billion. Net income rose nearly 34% to $740 million, compared with $553 million a year ago
Continue reading full article on The Wall Street Journal.
