TJX Q2 profit up; raises outlook

Framingham, Mass. -- TJX Cos. said Tuesday that its second-quarter net income increased a better-than-expected 8% on strong sales in the United States and abroad. The retailer also lifted its full-year earnings forecast.

TJX earned $517.6 million for the period ended Aug. 2, compared with $479.6 million a year earlier.

Revenue rose 7% to $6.92 billion from $6.44 billion, beating Wall Street's estimate of $6.88 billion.

Same-store sales rose 3%. In the U.S., same-store sales increased 2% at T.J. Maxx and Marshalls stores and 5% for HomeGoods locations. Same-store sales at TJX Canada rose 3%. The metric rose 6% for TJX Europe.

"Our customer traffic gained momentum throughout the quarter, and was positive in July," Carol Meyrowitz, CEO, said in a statement. "Further, we are pleased with our solid merchandise margins as well as the improved performance of our apparel businesses.  We are now raising our full year adjusted earnings per share guidance to reflect our above-plan second quarter results. The third quarter is off to a solid start and we are excited about our opportunities for the second half of the year.”

Going forward, TJX now anticipates fiscal 2015 earnings of $3.08 to $3.16 per share, and an adjusted profit of $3.10 to $3.18 per share. Its prior outlook was for earnings of $3.05 to $3.17 per share.

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