US: TJX Companies lifts FY forecast after strong Q3
- Q3 profit rose 13.5% to $461.5m or $0.62 per share
- Net sales increased 10.7% to $6.4bn
- Comparable store sales rose 7%
Off-price retailer TJX Companies today (13 November) raised its full-year earnings guidance amid what it sees as "terrific opportunities for the holiday selling season and fourth quarter."
The retailer, which operates its namesake as well as the Marshalls and TJ Maxx chains, sees full-year earnings per share in the range of $2.45 to $2.48 - a rise of 23% to 25% over the prior year's $1.93 - with same-store sales growth of 5% to 6%.
Earnings in the fourth quarter are expected to be in the range of $0.72 to $0.75 per share - an increase of 16% to 21% year-on-year - with comparable store sales growth of flat to up 2%.
"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," said CEO Carol Meyrowitz.
"Customer traffic was up at all divisions in the US, Canada and Europe...which we believe is a great indicator of the staying power of our value proposition on exciting fashions and brands."
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