TJX October same-store sales fall 6 percent

FRAMINGHAM, Mass. - Discount retailer TJX Cos. said Thursday its same-store sales fell 6 percent in October, more than analysts predicted, as international results were hurt by a stronger U.S. dollar.

Analysts surveyed by Thomson Reuters, on average, expected a decline in same-store sales of just 0.8 percent.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.

TJX said results were hurt by the "precipitous drop" in foreign currency exchange rates versus the U.S. dollar. Excluding the drop in exchange rates, same-store sales fell 1 percent.

Total sales for the four-week period fell 2 percent to $1.48 billion.

TJX said despite the results, traffic is up across most of its divisions and it is gaining market share.

Separately, TJX trimmed its third-quarter forecast.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.