By Ben Fox Rubin
TJX Cos.'s (TJX) fiscal third-quarter earnings rose 35% as the
discount retailer's same-store sales continued to grow.
Citing its strong third-quarter results, the off-price seller of
brand-name apparel and home furnishings raised its guidance for the
year, now expecting per-share adjusted earnings of $2.80 to $2.83
on same-store sales growth of 3%. Its previous projection was for
per-share profit of $2.78 to $2.82 and same-store sales growth of
2% to 3%. Fourth-quarter projections weren't changed.
The parent of T.J. Maxx, HomeGoods and Marshalls has posted
earnings growth for more than two years as it continues to appeal
to budget-conscious consumers during a slow economic recovery.
For the period ended Nov. 2, TJX reported a profit of $622.7
million, or 86 cents a share, up from $461.6 million, or 62 cents a
share, a year earlier. The company previously disclosed it would
book a tax benefit of 11 cents a share in the latest quarter, due
to reversals of tax reserves and allowances. Excluding the benefit,
earnings were 75 cents a share, just above the company's estimates
last month of 73 cents to 74 cents.
Revenue grew 8.9% to $6.98 billion, compared with estimates of
$6.91 billion from analysts polled by Thomson Reuters.
Same-store sales rose 5%, above the company's expectations of
about 4%.
In the U.S., the Marmaxx division, which includes T.J. Maxx and
Marshalls, reported same-store sales rose 4%. HomeGoods reported
10% higher same-store sales.
Shares closed Monday at $62.49 and were up 0.5% premarket. The
stock is up 47% so far this year.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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