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Discount Retailer TJX Lifts Outlook, Posts Higher-than-Estimated Q3 Results
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Main points
- TJX Companies, the operator of discount retailers including TJ Maxx, reported better-than-expected quarterly results on Wednesday and raised its full-year profit forecast.
- TJX said it is raising its full-year pre-tax profit margin forecast and expects comparable store sales to grow 3% year-over-year.
- TJX said strong European sales fueled growth in its international business.
TJX Corporation (Tian JiaxingDiscount retailer operators including TJ Maxx reported higher-than-expected quarterly results on Wednesday, driven by higher sales in Europe, and raised their full-year profit forecasts.
The company, whose brands also include HomeGoods and Marshall’s, reported third-quarter net sales of $14.1 billion, a year-over-year increase of 6%, higher than Visible Alpha’s forecast of $13.93 billion.
Earnings per share (EPS) Earnings of $1.14 per share also beat the $1.08 EPS estimate compiled by Visible Alpha.
Chief Executive Officer (CEO) Ernie Herrman said same-store sales growth of 3% year-over-year was the “high end” of the company’s plans and that the fourth quarter was “off to a strong start.”
TJX forecasts full-year comparable store sales growth of 3%
TJX said it expects full-year consolidated comparable store sales to rise 3%.
The company also raised its forecast for full-year pre-tax margins to 11.3%, with earnings per share between $4.15 and $4.17.
when it was announced second quarter earningsTJX raised its pretax margin forecast to around 11.2% and raised its diluted earnings per share forecast to a range of $4.09 to $4.13.
TJX shares fell more than 1% on Wednesday and are up about 25% this year.
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