Commodities

TJX beats same-store sales estimates, raises FY profit forecast

Credit: REUTERS/MARIO ANZUONI

TJX Cos Inc raised its full-year profit forecast on Tuesday ahead of the holiday shopping season and reported better-than-expected quarterly same-store sales as the off-price retailer's steep discounts brought in more shoppers.

Nov 19 (Reuters) - TJX Cos Inc TJX.N raised its full-year profit forecast on Tuesday ahead of the holiday shopping season and reported better-than-expected quarterly same-store sales as the off-price retailer's steep discounts brought in more shoppers.

The company now expects full-year profit of $2.61 to $2.63 per share, compared with its prior forecast of $2.56 to $2.61.

The company reported a 4% rise in comparable-store sales, beating the average analyst estimate of a 2.30% rise, according to IBES data from Refinitiv.

Net income rose to $828.3 million, or 68 cents per share, in the third quarter ended Nov. 2, from $762.3 million, or 61 cents per share, a year earlier.

Net sales rose to $10.45 billion from $9.83 billion.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Maju Samuel)

((Praveen.Paramasivam@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 0422))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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