By Dow Jones Business News, October 21, 2013, 06:05:00 PM EDT
By John Kell
TJX Cos. ( TJX ) issued a rosier fiscal third-quarter outlook, news that sent the discount retailer's shares higher in
The parent of T.J. Maxx, HomeGoods and Marshalls has reported earnings growth in recent years as it continues to
appeal to budget-conscious consumers during a slow economic recovery. The company's bullish outlook commentary, issued a
day before TJX is hosting an investor event, also contrasts with the poor performance by many other retailers that are
struggling with weaker traffic.
TJX sees an adjusted third-quarter profit between 73 cents to 74 cents a share on same-store sales growth of about 4%,
better than the prior outlook of 69 cents to 72 cents in per-share earnings on 2% to 3% same-store sales growth.
Outlook targets were also boosted for full-year earnings.
Shares of TJX jumped 2.5% to $59 in after-hours trading. Through Monday's close the stock has risen 36% in 2013,
outperforming the broader market's gain.
TJX said its investor-day event will also focus on long-term store growth potential, with the most significant growth
likely to come from the Marmaxx division, which includes T.J. Maxx and Marshalls.
The retailer on Monday also confirmed it is confident it can boost earnings annually by 10% to 13% for each of the
next three years, growth that will come as it expands sales at existing locations and builds more square footage.
Write to John Kell at email@example.com
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