DOW JONES NEWSWIRES
TJX Cos. (TJX) updated its fiscal fourth-quarter earnings view
as December same-store sales blew past estimates and the discount
retailer unveiled a two-for-one stock split.
TJX--the parent of T.J. Maxx, HomeGoods and Marshalls--has
continued to appeal to budget-conscious consumers amid renewed
concerns about the economy and has said it plans to open more
stores to meet its long-range goal of increasing square footage by
about 5% per year.
Chief Executive Carol Meyrowitz said TJX saw large increases in
customer traffic during December and the company priced
aggressively, particularly to clear cold weather apparel during
unseasonably warm weather.
Same-store sales for the five weeks ended Dec. 31 climbed 8%,
topping the 2.6% gain expected by analysts polled by Thomson
Reuters.
The company said it still expects earnings for the quarter that
ends later this month of $1.19 to $1.23 a share, but the view now
includes a 3-cent charge tied to the closure of the company's
StyleSense stores, among other things.
As for the stock split, one additional share will be paid for
each share held by holders of record at the close of business Jan.
17, 2012. The shares will be distributed Feb. 2. Since the
company's last stock split in 2002, its share price has
tripled.
Shares were off 13 cents at $64.30 in recent trading and have
climbed 14% over the past three months.
-By Lauren Pollock, Dow Jones Newswires; 212-416-2356;
lauren.pollock@dowjones.com