The TJX Companies, Inc. (NYSE:TJX) reported second-quarter earnings that exceeded Wall Street expectations, prompting the off-price retailer to raise its full-year profit guidance. Shares gained 3% on Wednesday following the announcement.
The parent company of T.J. Maxx, Marshalls, and HomeGoods posted adjusted EPS of $1.10, above analyst expectations of $1.01. Revenue rose 7% year-over-year to $14.4 billion, surpassing the $14.14 billion consensus. Comparable store sales grew 4% across its portfolio.
Pretax profit margin reached 11.4%, well ahead of company projections and 0.5 percentage points higher than the prior year's second quarter. TJX credited favorable hedges, operational efficiencies, and expense timing for the margin improvement.
Looking forward, the company lifted its full-year EPS outlook to $4.52-$4.57, above the $4.51 consensus. Third-quarter EPS is expected between $1.17 and $1.19, below analyst forecasts of $1.22. TJX maintained its forecast for full-year comparable sales growth of 3%.
