US: TJX raises FY EPS forecast on strong Q2
- Q2 net income jumped 20.8% to reach US$421.1m
- Sales grew 9% to $5.9bn
- Comparable store sales rose 7%
Off price retailer TJX Companies has increased its full-year earnings forecast on the back of strong second-quarter results.
The company today (14 August) raised its full-year earnings per share guidance by US$0.01 to a range of $2.39-2.45.
The announcement came as the retailer booked a 20.8% jump in second-quarter net income to reach US$421.1m. Sales grew 9% to $5.9bn as comparable store sales rose 7%.
CEO Carol Meyrowitz said the results "significantly exceeded our original expectations".
Over the half, the group recorded a 36.7% rise in net income to reach $840m on the back of a 10% sales increase to $11.7bn. Comparable store sales rose 8% over the half.
"Customer traffic was up substantially at all divisions in the US, Canada and Europe and drove most of the comparable store sales increase, reflecting our on-point fashions and brands at great values," said Meyrowitz.
"We are convinced that we will continue to attract more new and loyal customers in the US and internationally with the power of our values, brand and fashion content, and wide customer demographic appeal."
She continued: "August is off to a strong start and we have many exciting opportunities for the second half of 2012. Our inventories are in excellent shape, we see a marketplace full of terrific brands and fashions, and we have great marketing campaigns and in-store initiatives planned.
"It's important to note that TJX is a company with a business model that enables us to succeed in most macro environments and, at the same time, has terrific growth potential."
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