Shares of the off-price apparel chain
The TJX Company
) reached a new 52-week high of $48.97 on Monday, Apr 29,
following the company's announcement of its guidance for the
first quarter of fiscal 2014 and strong sales in Mar 2013. They
surpassed the previous 52-week high of $48.2 on Apr 9.
The closing price of the textile retailer on Apr 29 was
$48.84, representing a solid 1-year return of about 17.1% and
year-to-date return of about 13.1%. Average volume of shares
traded over the last three months stands at approximately
Total sales for the five-week period ended Apr 6, 2013,
climbed 5% for the aforementioned period to $2.4 billion. The
modest growth is attributable to the early Easter coupled with
the unusually cold weather across the U.S., Canada and
Although consolidated same-store sales descended 2% year over
year in the five-week period ended Apr 6, 2013 they were within
the guidance provided by management. However, comparable store
sales climbed in regions where the weather was warmer. Management
also noted that sales picked up at the end of March, as weather
improved, and the company started April with a good momentum and
an excellent inventory.
Following solid pick up in sales during the first quarter, the
company upgraded its guidance for the first quarter of fiscal
2014 and now expects earnings per share between 60 cents and 62
cents compared with the earlier guidance range of 59 cents to 62
Scheduled to start from May 2, 2013, TJX will issue public
offering of $500 million aggregate principal amount of notes due
2023 bearing interest of 2.50% per annum. Although it will
increase the company's debt, the company will use the net
proceeds from the sale of the notes for working capital and other
general corporate purposes.
TJX Companies Inc. is an off-price global retailer of apparel
and home fashions. The company operates 2,906 stores in the U.S.,
Canada and Europe.
TJX currently carries a Zacks Rank #3 (Hold). Other favorable
stocks in the retail and wholesale sector that are worth
Sears Holding Corporation
), both holding a Zacks Rank #1 (Strong Buy), and
) holding a Zacks Rank #2 (Buy).
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