TJX stock is rising on the earnings beat and increased guidance
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Parent company TJ Maxx has raised its guidance for the fiscal year.
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It posted better-than-expected earnings and sales results and raised fiscal year guidance, sending the stock higher in pre-market trading Wednesday.
Non-price retail sales in the second quarter were $12.8 billion, beating expectations of $12.5 billion. Adjusted earnings per share
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(Stock ticker: TJX) It was 85 cents better than forecasts of 77 cents, according to FactSet.
Parent company TJ Maxx’s and Marshalls raised its forecast for the fiscal year ending February 2024. The company said adjusted earnings per share would be between $3.56 and $3.62, excluding an expected interest of 10 percent from an additional week in the fiscal year. Previous guidance from the company’s first-quarter earnings report called for full-year earnings to be between $3.39 per share and $3.48 per share. Wall Street expects earnings per share to be $3.59.
The company also boosted same-store sales and profit margin forecasts, and issued guidance for its fiscal third and fourth quarters. For the third quarter, earnings per share will range between 95 cents and 98 cents, in line with Wall Street’s forecast of 97 cents. Fourth-quarter adjusted earnings per share will be between $1 and $1.03, slightly below forecasts of $1.09.
TJX shares were up 2.7% in pre-market trading. The stock is up 7.8% this year through Tuesday’s close.
Write to Sabrina Escobar at sabrina.escobar@barrons.com
