TJX Posts Solid Rebound in Top-Line Performance; Shares Still Slightly Undervalued
Given narrow-moat TJX’s strong management team and flexible buying model, we were not surprised to see that the company righted merchandising issues from the third quarter and capitalized on a strong consumer with fourth-quarter comparable sales growth accelerating to 4% from flat in the third quarter.Full-year fiscal 2018 sales growth of 8%, driven mostly by customer traffic (which we see implying market share gains), exceeded our 7% estimate and 5% U.S. retail sales growth, leading us to feel...
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