TJX Raises Outlook After Robust 3rd Quarter
The TJX Companies reported double-digit increases in revenue and net income for its third quarter and raised expectations for the rest of its fiscal year, the Framingham-based parent of retail store chains T.J. Maxx, Marshalls and HomeGoods announced today.
TJX said revenue increased 11 percent to $6.4 billion while consolidated comparable-store sales took in 7 percent more over the third quarter of 2011. Meanwhile, net income shot up to $462 million, representing a 17-percent increase in earnings per share to 62 cents.
The results "significantly exceeded our original expectation," said CEO Carol Meyrowitz, who noted an increase in customer traffic across all divisions in the United States, Canada and Europe, which drove the jump in comparable, or same-store sales.
For the rest of the fiscal year, which will end Feb. 2, TJX is raising its guidance for diluted earnings per share by a penny, to somewhere between $2.45 and $2.48, compared with $1.93 in fiscal 2012, representing an increase of around 25 percent. The company foresees a 5- to 6-percent increase in same-store sales for the entire fiscal year.
For the first three quarters of the fiscal cycle, net sales were $18.2 billion, a 10-percent increase over last year, while same-store sales jumped 8 percent. Net income was $1.3 billion, or $1.73 a share, up 32 percent over last year.
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