TJX Marks Strong Q2
TJX Cos. raised its full-year guidance today after reporting second-quarter earnings that beat the company’s expectations, it said.
The Framingham-based parent company of off-price retailers such as TJ Maxx, Marshalls and HomeGoods, marked an 18-percent increase in earnings per share in the second quarter of its fiscal 2014. Net income was $479.6 million, or 66 cents per share, compared with $421.1 million, or 56 cents per share in the same period last year.
Net sales were up 8 percent from $5.9 billion last year, to $6.4 billion.
Meanwhile, consolidated comparable store sales rose 4 percent with the strongest growth at the company’s HomeGoods stores in the U.S.
For the first half of the year, net sales were $12.6 billion, up 8 percent over last year, with same-store sales rising 3 percent. Net income was $932 million, or $1.28 per share, up from $840 million, or $1.11 per share.
“We are very pleased with our above-plan second quarter results which were achieved over high year-over-year comparisons for quarterly comp sales and EPS growth,” CEO Carol Meyrowitz said in a statement. “We see great growth opportunities in our brick-and-mortar business and are excited about the long-term potential of e-commerce as another avenue to bring our values to even more consumers.”
For the third quarter, TJX expects earnings per share in the range of 69 cents to 72 cents, an increase of at least 11 percent over last year. That estimate is based on expected same-store sales growth of 2 percent to 3 percent. Earnings for the year are expected to range between $2.74 per share to $2.80 per share, up from $2.50 last year.
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