(RTTNews) - While reporting financial results for the third quarter on Tuesday, off-price retailer TJX Companies, Inc. (TJX) raised earnings guidance for the full-year 2020 and provided fourth-quarter outlook. For the third quarter, the company reported that consolidated comparable store sales rose 4 percent, compared to an increase of 7 percent in the same period last year.
Looking ahead to the fourth quarter, TJX Companies forecast earnings in a range of $0.74 to $0.76 per share, based upon estimated comparable store sales growth of 2 to 3 percent on a consolidated basis and at Marmaxx.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2020, TJX Companies now projects earnings in a range of $2.61 to $2.63 per share, based upon estimated consolidated comparable store sales growth of 3 percent on a consolidated basis and 3 to 4 percent at Marmaxx. The Street is looking for earnings of $2.61 per share for the year.
Earlier, the company forecast earnings in the range of $2.56 to $2.61 per share, based upon estimated consolidated comparable store sales growth of 2 to 3 percent.
"We are seeing fantastic, widespread availability of quality, branded merchandise and are in a great position to capitalize on these opportunities. Longer term, we are confident that we can gain additional market share and continue the successful growth of TJX in the U.S. and internationally," said Ernie Herrman, Chief Executive Officer and President of TJX.