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."
The following is a general roundup of US apparel and shoe retailers' January 2013 sales results....
Retailers posted mixed December sales results as many were forced to discount heavily to drive sales in the weekend prior to Christmas, in the hope of making up for weaker sales earlier in the month....
The following is a general roundup of US apparel and shoe retailers' December 2012 sales results....
Strong Black Friday week sales were no match for the disruption caused by Hurricane Sandy, as US retailers hope to make up lost sales in December....
The following is a general roundup of US apparel and shoe retailers' November 2012 sales results....
The most read stories on just-style this week include UK retail administrations jumping 6% in 2012, US Congress avoiding the "fiscal cliff", and TJX Companies acquiring Sierra Trading Post....
Off-price retail group The TJX Companies has acquired online outdoor clothing, footwear and accessories retailer Sierra Trading Post for US$200m....
Ten Los Angeles based garment contractors making clothes for retailers including Dillard's, Forever 21, Ross Stores and Urban Outfitters have been accused of serious labour violations....
- SOURCING: Worldwide change in cost competitiveness
- Gap audits reveal compliance issues in Myanmar
- Water scarcity a challenge to cotton supply chains
- Li & Fung looks to new frontiers for growth
- ANALYSIS: Back-to-school spending a waiting game
- Adidas to use only Bluesign-approved chemicals
- Accord and Alliance discord "a setback"
- Scientists hail first recycled cotton garment
- Weak traffic slows sales for Abercrombie & Fitch
- Myanmar and US to develop labour rights initiative
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Wool in the 21st Century: new prospects for a familiar fibre
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- China - ISA Country Report