TJX Boosts Outlook For Year
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The TJX Cos. of Framingham boosted its earnings forecast for the year Monday due to expectations of higher sales at its T.J. Maxx and Marshalls stores.
The retailer expects to see improvements in its third fiscal quarter, which runs through October.
TJX expects adjusted third-quarter profits between 73 cents and 74 cents per share, better than the prior outlook of 69 cents to 72 cents. The company expects yearly adjusted earnings per share between $2.78 and $2.82, besting earlier estimates of $2.74 to $2.80.
Based on recent success, TJX said it believes it can open far more T.J. Maxx and Marshalls units than previously anticipated. The retailer also sees the potential to reach a 10 percent plus profit margin at its European chains, where it originally expected an 8 percent plus margin.
TJX now anticipates growing its annual earnings by 10 to 13 percent for each of the next three years as the company expands sales at existing locations and adds square footage.
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