TJX Sees Momentum Continue into the Third Quarter
TJX Companies Inc. (NYSE: TJX) this morning reported solid fiscal third-quarter results and boosted its guidance.
The Framingham, Mass.-based off-price retailer posted adjusted earnings per share (EPS) of $0.62 on revenues of $6.41 billion for the quarter. In the same period a year ago, it reported a profit of $0.53 per share on revenue of $5.79 billion. This quarter's results also compare with the Thomson Reuters estimates for adjusted EPS of $0.61 and $6.39 billion in revenues.
Chief Executive Officer Carol Meyrowitz said:
We are extremely pleased that our strong momentum continued in the third quarter, demonstrating once again the power of TJX to post strong sales and profit margin gains on top of strong year-over-year comparisons. Our 17% increase in earnings per share and 7% consolidated comparable store sales growth both significantly exceeded our original expectations and every division delivered excellent performance.
TJX bumped up its adjusted fourth-quarter earnings forecast to $0.65 to $0.68 per share, and for the full year to a range of $2.45 to $2.48 per share. The Thomson Reuters fourth-quarter forecast calls for $0.76 per share earnings on $7.42 billion in sales. For the full year, analysts are looking for $2.49 per share earnings on revenue of $25.54 billion.
Shares up fractionally in premarket trading to $41.14. The 52-week range is $29.05 to $46.67. Before this morning's report, the mean price target was $49.26.
Filed under: 24/7 Wall St. Wire, Earnings, Retail Tagged: TJX