TJX Profits Up 35%
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Fiscal third-quarter earnings rose 35 percent at The TJX Cos. of Framingham based off improvements in same-store sales.
The parent of discount clothing and home goods retailer’s T.J. Maxx, Marshalls and HomeGoods also raised its full-year earnings forecast to account for the strong third-quarter results. TJX is now expecting annual earnings per share of $2.80 to $2.83, beating October estimates of $2.78 to $2.82.
For the period ending Nov. 2, TJX reported profits of $622.7 million, or 86 cents per share, up from $461.2 million, or 62 cents a share, a year earlier. Stripping out a tax benefit of 11 cents per share, earnings were 75 cents per share in the third-quarter, beating Wall Street estimates by a penny.
Revenue grew 9 percent from $6.41 million to $6.98 billion, topping analyst predictions of $6.91 billion.
Same-store sales rose 5 percent, above the company’s expectations of about 4 percent.
“We believe these robust results demonstrate, once again, our ability to succeed in all types of economic and retail environments,” CEO Carol Meyrowitz said in a statement. “Longer term, we see tremendous potential ahead for TJX, and we remain very confident in our ability to continue driving substantial top- and bottom-line growth.”
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