Dive Brief:

• TJX, which owns retailers T.J. Maxx, Marshalls, and HomeGoods, reported net sales rose 7% to $6.9 billion. Q2 profit this year was $518 million, compared to $480 million last year. 

• The performance is in sharp contrast to many retailers’, and beat most analysts’ expectations.

• These Q2 results led the company to revise its forecast up for the year.

Dive Insight:

Observers say that TJX companies, which sell many discounted items thanks to closeouts benefited, as it usually does, from its ability to offer lower prices at a time when consumers are keen for bargains. The company was also able to profit from the plenty of overstocks that retailers were unable to sell during the long winter.