TJX Reports Strong November Comps

Deutsche Bank has published a research report on The TJX Companies, Inc. TJX in response to the company's strong November comps thus far. In the report, Deutsche Bank writes "TJX put up another strong comp in November, with total company results coming in at +3.0% versus an +8% from last year. Results were at the high-end of 2% to 3% plan and ahead of ‘mid point of plan' consensus. Strength was led by Marmaxx at +4% (contributions from apparel and home), but also from AJ Wright and Canada. The UK business continued to pressure overall European trends at -5%. While the market was less excited about today's TJX result than it was other names in retail, the key here is that TJX compares are particularly difficult and likely more importantly, the company did not participate in door-buster type promotions. The latter has been investor focus/trade for November we believe, not so on the very steady (and strong) comps being put up at off-price, despite compares (comps and margin growth) that are significantly more difficult than the overall industry." Deutsche Bank maintains its Buy rating and $52 price target. The TJX Companies closed yesterday at $44.53.