By Saabira Chaudhuri
TJX Cos. (TJX) said its fiscal third-quarter earnings would be
at the high end of its previous estimates on stronger-than-expected
same-store sales, driven by improved customer traffic.
The parent of T.J. Maxx, HomeGoods and Marshalls has seen
increased profits for more than a year as it continued to appeal to
budget-conscious consumers worried about rising gasoline prices and
a slow economic recovery.
The off-price seller of brand-name apparel and home furnishings
said its same-store sales for August rose 8%, above the 6.3%
expected by analysts polled by Thomson Reuters. Sales for the month
were up 10% to $1.9 billion, while same-store sales for the
company's largest division, Marmaxx Group, rose 9%.
The company earlier this month projected earnings of 56 cents to
59 cents a share for the quarter that ends in October, below
expectations at the time.
Two weeks ago, TJX reported that its fiscal second-quarter
earnings rose 21%, topping its increased guidance as it saw its
same-store sales growth strengthen.
Shares edged down 36 cents to $46.28 in premarket trading. The
stock is up 44% so far this year.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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