June 20, 2024

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TJX Companies (TJX) earnings Q3 2024

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A Marshalls store in New York

Scott Mlyn | CNBC

TJX Companies on Wednesday raised its full-year guidance and said it expects a strong holiday season after inflation-weary consumers drove another quarter of sales gains. 

The off-price giant, which runs T.J. Maxx, Marshall’s and HomeGoods, beat Wall Street’s estimates on the top and bottom lines and topped expectations for comparable sales. 

Here’s how TJX Companies did during its fiscal third quarter ended Oct. 28, compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: $1.03 vs. 99 cents expected
  • Revenue: $13.27 billion vs. $13.09 billion expected

The company reported net income of $1.19 billion, or $1.03 per share, for the quarter, compared with $1.06 billion, or 91 cents a share, a year earlier. Sales rose to $13.27 billion, up about 9% from $12.17 billion a year earlier. 

For the third time this year, TJX Companies raised its full-year guidance. It now expects comparable store sales to rise 4% to 5%, compared to a previous range of up 3% to 4%, which is the range analysts had expected before quarterly results were announced, according to StreetAccount. 

TJX now anticipates earnings per share will be in the range of $3.71 to $3.74, compared to a previous range of $3.66 to $3.72. The raised profit guidance is in line with the $3.73 earnings per share that analysts had expected, according to LSEG. 

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During the quarter, comparable store sales climbed 7% at Marmaxx, or the combination of T.J. Maxx and Marshall’s, and 9% at HomeGoods, both better than analysts had expected, according to StreetAccount. Analysts had expected comparable sales to be up 4% at Marmaxx and up 6% at HomeGoods.

Overall, comparable store sales rose 6%.

Shares opened more than 3% lower. The company’s stock was up more than 16% year-to-date as of Tuesday’s close.

TJX has been cruising through its fiscal year as it lapped up the benefits of being…

2023-11-15 09:46:34

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