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Shares of
TJX
were falling after the off-price retailer turned in strong quarterly numbers, but issued a profit forecast that fell short of expectations.
TJX (ticker: TJX), the parent company of TJ Maxx and HomeGoods, posted fiscal third-quarter earnings of $1.03 a share—higher than the consensus call for 99 cents among analysts tracked by FactSet. TJX earned 91 cents a share in the same quarter a year earlier.
Sales of $13.27 billion beat expectations of $13.09 billion. Comparable- store sales jumped 6%.
Management said for its fiscal fourth quarter, it expects overall comparable-store sales to be up 3% to 4% and earnings to be in the range of $1.07 to $1.10 a share. Analysts were expecting comparable- store sales growth of 3.6% and per-share earnings of $1.12. The company also raised its financial guidance for its fiscal year ending Feb. 3, 2024.
“We are strongly positioned as a shopping destination for gifts this holiday selling season and are convinced that our values and fresh shipments to our stores and online throughout the season will be a major draw again this year,” said President and CEO Ernie Herrman in the earnings release.
Shares of TJX fell 2.7% to $90.04 in recent Wednesday trading. TJX was a Barron’s stock pick earlier this year.
Write to Emily Dattilo at [email protected]
Read the full article here
