(RTTNews) -  Thursday, off-price retailer of apparel and home fashions The TJX Companies Inc. (TJX: News ) reported a 10% increase in October same-store sales, reflecting accelerated customer traffic throughout the month. Total sales for the month jumped 15%. Based on continued strong performance, TJX said it now expects third quarter earnings from continuing operations to be at or slightly above previous projections.

Carol Meyrowitz, president and chief executive officer, The TJX Companies, Inc., said, "Our consolidated comparable store sales increase of 10% in October reflects the strong momentum of our business. We believe our values and selection of great fashions and great brands continue to get even better and have broad reach across a wide range of customer demographic groups."

TJX said it was particularly pleased with its 12% comp sales increase at The Marmaxx Group, where customer traffic continued to drive sales throughout the month, boding well for the holiday season.

The Framingham, Massachusetts-based operator of such retail chains as T.J. Maxx, Marshalls, and HomeGoods said total sales for the month was $1.7 billion, up 15% from $1.5 billion in the four-week period ended November 1, 2008.

For the preceding month of September 2009, the company reported a 7% increase in comparable store sales and 8% rise in net sales. Net sales for the month of September rose to $2.0 billion from $1.8 billion in the year-ago period.

For the 39 weeks ended October 31, 2009, TJX's sales rose 5% to $14.3 billion from $13.6 billion last year. The company's consolidated comparable store sales for the year-to-date period increased 5%, compared to last year.
For the 13-week third quarter, the company's consolidated comparable store sales increased 7% over last year.

During an economic downturn, many cash-strapped consumers gravitate toward stores that are perceived as offering the best value. In this recession, TJX seems to be a beneficiary of this trend. Still, while sales may yield some pleasant surprises, analysts also caution that the outlook for the holiday season remains uncertain as consumer confidence has declined and the unemployment rate has edged up.

On October 19, the company raised its third quarter earnings forecast to a range of $0.77 - $0.79 per share from the prior range, anticipating sales in October to be much higher than expectations.

For the third quarter, TJX now expects earnings from continuing operations to be at or slightly above its recently raised earnings view. Previously, the company projected earnings between $0.71 and $0.74 per share

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