Please do not leave this page until complete. This can take a few moments.
Sales and profits took a different direction in the latest earnings report from Framingham’s TJX, with sales growing by 7 percent and net income declining by 6.3 percent year-over-year for the third quarter of the 2017 fiscal year.
While technically a decline, the off-price retailer still enjoyed $549.8 million in net income. In a press release, TJX attributed part of the disconnect between strong sales and sagging income as a result of foreign currency influence, a $52-million debt extinguishment charge and a $31-million lump sum pension payout.
While the company downplayed this decline in income, it highlighted its $8.3 billion in sales, which represent a 7 percent year-over-year growth for the third quarter. The biggest gains were an 8-percent increase in TJX Canada while TJX International was the poorest performer with no year-over-year increase.
The overall strong performance from the quarter resulted in the company increasing its year-end estimated diluted GAAP earnings per share to between $3.39 and $3.41 and adjusted EPS of $3.46 to $3.48 (which excludes the debt extinguishment and pension settlement charges), versus prior guidance of $3.39 to $3.43.
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