• Q2 profit up 16.4% to US$305m
  • Net sales up 7% to $5.1bn
  • Raises FY 2011 earnings outlook

Cut-price retail group The TJX Companies recorded a 16.4% increase in second quarter profit, fuelled by a 7% sales rise and a 3% comparable store sales increase.

The company raised its fiscal 2011 full-year earnings forecast as a result, and is now projecting earnings per share of $3.28-3.38 after adjustments.

TJX president and CEO Carol Meyrowitz said the 20% increase in adjusted earnings per share was at the high end of the company’s expectations.

“We believe this speaks to the strength of our business model and our ability to drive profitable growth regardless of the economic environment,” she added.

“Customer traffic continued to increase significantly over large increases last year.”