By TJX Cos., the popular off-price retailer, exceeded expectations with its second-quarter sales of $12.8 billion, surpassing the estimated $12.5 billion. Moreover, the company’s adjusted earnings per share of 85 cents were higher than the projected 77 cents, according to FactSet.
Emphasizing the positive performance, TJX Cos. raised its fiscal-year guidance for the period ending February 2024. The updated forecast predicts adjusted earnings per share between $3.56 and $3.62, excluding the anticipated 10-cent benefit from an extra week in the fiscal year. In comparison, the previous guidance, provided during the first-quarter earnings report, had estimated earnings per share ranging from $3.39 to $3.48. Wall Street analysts forecast earnings per share to settle at approximately $3.59.
Additionally, TJX Cos. revised its same-store sales and profit margin expectations upwards. The company also offered guidance for its fiscal third and fourth quarters. For the third quarter, earnings per share are projected to be between 95 cents and 98 cents, aligning with Wall Street’s expectations of 97 cents. Concerning the fourth quarter, adjusted earnings per share are predicted to range from $1 to $1.03, somewhat below the anticipated $1.09.
As a result of these positive developments, shares of TJX rose by 2.7% during premarket trading. So far this year, the stock has experienced a 7.8% increase as of Tuesday’s closing.
Comments