By Dean Seal

TJX Cos. posted higher-than-expected earnings for the second quarter, but said sales fell as historically high inflation blunted discretionary spending among its consumers.

The operator of brands such as TJ Maxx and Marshalls said net income for the quarter ended July 30 was $809.3 million, compared with $785.7 million a year earlier.

Earnings were 69 cents a share, up from 64 cents a share, it said. Analysts polled by FactSet had been expecting 67 cents a share.

Sales were $11.84 billion, down from $12.08 billion, and below both its own expectations of at least $12 billion and Wall Street expectations of $12.04 billion.

The company said same-store sales were down 5%, with its brand Marmaxx seeing a 2% drop while HomeGoods sales dropped 13%.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

August 17, 2022 08:22 ET (12:22 GMT)

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