By Chelsea Stevenson
TJX Cos. (TJX) raised its second-quarter and full-year guidance
as the off-price retailer delivered higher-than-expected same-store
sales for the month of July.
"We enter the third quarter in a very strong position, posed to
capitalized on our many opportunities for the second half of 2012,"
said Chief Executive Carol Meyrowitz. "Our inventories are in great
shape, allowing us to consistently flow to our stores an exciting
mix of fresh back-to-school merchandise."
For the second quarter, the company, which owns T.J. Maxx,
Marshalls, and HomeGoods, now expects per-share earnings of 55
cents, above its prior guidance of 52 cents to 53 cents.
For the year, per-share earnings are now forecast between $2.38
and $2.44, compared with its prior guidance of $2.31 to $2.39.
The company already raised its guidance in July after reporting
same-store sales growth for June.
TJX, whose stores sell apparel and home fashions, said
same-store sales in July increased 7% year-over-year, which
exceeded the company's expectations and those of analysts polled by
Thomson Reuters who were looking for 5% growth.
Sales for the month climbed 8% to $1.8 billion.
TJX plans to release its second-quarter earnings on Aug. 14.
Shares were trading 0.7% higher to $44.16 premarket. The stock
has risen 65% in the past 12 months.
Write to Chelsea Stevenson at chelsea.stevenson@dowjones.com
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