Please do not leave this page until complete. This can take a few moments.
Framingham retail parent company TJX is raising its full-year estimates and per-share earnings after a second quarter in which it raised net sales by 12 percent to $9.3 billion.
The company behind stores like T.J. Maxx, Marshalls and Homegoods reported $739 million in profit, shattering its mark of $554.9 million in last year’s second quarter. For the year, the company has made almost $1.5 billion, which is about $376 million more than the company was at this time last year.
The company is raising its full-year earnings-per-share guidance to $4.83 to $4.88, representing at least a 20 percent increase over last year’s figure of $4.04.
The company reported growth in all of its brands, reporting at least 3 percent quarterly growth in all four segments.
Investors appear to be attracted after news of the company’s growth, as shares of the company’s stock opened trading Tuesday up nearly 4 percent from $101.6 to $105.6.
TJX continues to be a bright spot in an otherwise tough retail market as online shopping increases pressure on stores.
In a statement, President and CEO Ernie Herrman said customer traffic was the primary driver of the company’s sales increases at all divisions. The quarter marked the 16th straight quarter of customer traffic increases for the company and its Marmaxx division.
The company has been rapidly expanding, opening 53 new stores globally in the quarter.
“We have been attracting new customers to all our divisions, a significant share of whom are younger customers,” he said. “This is great for our business today and for the future.”
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments