By Will Feuer


TJX Cos. posted lower sales for the fiscal third quarter as the strong U.S. dollar and weakness in its U.S. homegoods division weighed on results.

The operator of brands such as TJ Maxx and Marshalls said net income for the quarter ended Oct. 29 rose to $1.06 billion, or 91 cents a share, compared with $1.02 billion, or 84 cents a share.

Stripping out 5-cent-per-share benefit from the sale of the company's minority stake in Familia, adjusted earnings came to 86 cents a share. Analysts surveyed by FactSet were expecting 80 cents a share.

Revenue fell 3%, to $12.17 billion. Stripping out the effects of currency translations, sales would have been flat, the company said.

TJX said its U.S. homegoods division posted a 16% drop in same-store sales for the third quarter, while its Marmaxx business, which includes T.J. Maxx, Marshalls, and Sierra stores, saw comparable sales rise 3%.

Overall U.S. same-store sales fell 2%, which Chief Executive Ernie Herrman said exceeded the company's expectations. He said Marmaxx saw strong spending on apparel.

The results come as a mixed quarter rolls in for retailers as Americans feel the pressure of sweeping inflation. Earlier Wednesday, Target Corp. said consumers pulled back on their spending in recent weeks, sapping sales and profits in the latest quarter and putting a cloud over its holiday season. Walmart Inc. earlier this week reported stronger-than-expected sales during the fall quarter, an indication that shoppers were looking for deals but still spending ahead of the holiday shopping season.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

11-16-22 0827ET