The TJX Companies has reported sales growth for the third quarter, adding another lap to its long run of success.

For the quarter ended November 1, consolidated comparable sales increased 5 per cent, well above management’s expectations. This followed a 4 per cent uplift in Q2 and a 3 per cent growth in Q1.

Net sales rose 7 per cent to $15.1 billion, and net income soared 12 per cent to $1.4 billion.

“Whatever the weather, TJX seems to deliver,” commented GlobalData MD Neil Saunders. “This quarter’s results are exceptional, especially as they build on a very long run of success.”

“It is all too easy to dismiss the uplifts as a consequence of the stresses and strains of the consumer economy, driving more people into off-price. While there is truth in this, because TJX has pulled in more shoppers, it is far from the whole picture,” he added.

According to the analyst, the company has created a powerful value proposition by offering compelling products, exciting store environments, and continuous assortment refreshes.

The retailer is also good at making customers want its products and feel relatively good about buying them, Saunders said.

“In some ways, it taps into the treating and indulgence mindset where consumers want to reward themselves now and again in a way that does not break the bank.

“We have seen some of this in apparel, but it has also been very strong in small home refreshes with decorative accents and softer homewares – which is where HomeGoods excels.”

Looking ahead, Saunders expects the holiday quarter to be a reasonable one for TJX. Although the overall growth rate may slip due to a strong prior-year result, the retailer will still be a winner in terms of customer and market share, he added.

TJX expects comparable sales to be up 2-3 per cent for the fourth quarter and up 4 per cent for the full year.