TJX Cos. (TJX) raised its fiscal fourth-quarter and full-year
guidance after it posted stronger-than-expected December same-store
sales.
Shares rose 2.2% premarket to $44.10. As of Wednesday's close,
the stock has gained 36% in the past year.
TJX, an off-price seller of brand-name apparel and home
furnishings, has seen increased profits for more than a year as it
appeals to budget-conscious consumers worried about a slow economic
recovery.
Sales at stores open for more than a year rose 6% in December,
easily topping the 2.3% consensus by analysts polled by Thomson
Reuters.
TJX boosted its fourth-quarter earnings expectations to a range
of 77 cents to 78 cents a share, up from its previous forecast for
72 cents to 75 cents.
For the full-year, the company now expects earnings of $2.50 to
$2.51 a share, up from its November view of $2.45 to $2.48 a
share.
Retailers Thursday generally reported a soft December selling
season as the looming fiscal cliff held purchasing in check. Among
the better performers last month were Costco Wholesale Corp.
(COST), Gap Inc. (GPS) and Macy's Inc. (M), while Target Corp.
(TGT), Limited Brands Inc. (LTD) and some apparel retailers were
weak.
Write to Mia Lamar at mia.lamar@dowjones.com
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