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."
The following is a general roundup of US apparel and shoe retailers' February 2013 sales results. It is worth noting that from this month, a number of retailers are no longer reporting their sales res...
Off-price retailer The TJX Companies has seen its fourth-quarter profit jump 27% after increased consumer traffic led to a rise in sales....
- Myanmar - right time, right place, new challenges
- 3D printing gears up for fashion industry change
- Apparel working conditions linked to profit
- Cutting pollution saves China textile mills money
- Adidas worker hotline bridges communication gap
- China cotton imports to rise as Xinjiang cuts crop
- Crystal first China licensee of RevoLaze tech
- Thailand project to vertically integrate clothing
- Cambodia growth to slow on competition and cost
- Traceable label offers textile transparency