TJX Cos.
turned in better earnings and sales results than expected and raised fiscal-year guidance, sending the stock higher in premarket trading Wednesday.
The off-price retailer’s second-quarter sales were $12.8 billion, ahead of expectations for $12.5 billion. Adjusted earnings per share at
TJX Cos.
(ticker: TJX) of 85 cents were better than forecasts for 77 cents, according to FactSet.
TJ Maxx’s and Marshalls’ parent company increased its outlook for the fiscal year ending February 2024. Adjusted earnings per share will range between $3.56 and $3.62, the company said, excluding an expected 10-cent benefit from an extra week in the fiscal year. Previous guidance issued at the company’s first-quarter earnings report called for full-year earnings to range between $3.39 a share to $3.48 a share. Wall Street is projecting earnings per share will be $3.59.
The company also boosted its same-store sales and profit margin expectations, and issued guidance for its fiscal third and fourth quarters. For the third quarter, earnings per share will range between 95 cents and 98 cents, in line with Wall Street’s expectations for 97 cents. Adjusted fourth-quarter earnings per share will be between $1 and $1.03, slightly below expectations for $1.09.
Shares of TJX rose 2.7% in premarket trading. The stock has risen 7.8% this year as of Tuesday’s close.
Write to Sabrina Escobar at [email protected]
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