February 22, 2017 / 1:49 PM / 6 months ago

Off-price retailer TJX's same-store sales beat estimates

Feb 22 (Reuters) - TJX Cos Inc, the parent company of T.J. Maxx and Marshalls, reported better-than-expected comparable store sales on Wednesday, and raised its quarterly dividend.

The company, which also announced a share repurchase program, said comparable store sales rose 3 percent in the fourth quarter ended Jan. 28.

Analysts on average had expected comparable store sales to rise 2.6 percent, according to Consensus Metrix.

The company posted a 5.6 percent rise in sales to $9.47 billion.

TJX's net income rose to $677.9 million, or $1.03 per share, from $666.5 million, or 99 cents per share, a year earlier.

The Framingham, Massachusetts-based company said it would raise its dividend by 20 percent and repurchase $1.3 billion to $1.8 billion worth of shares during the fiscal year ending Feb. 3, 2018. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel)

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