MW: TJX shares climb after company tops profit, sales estimates
NEW YORK (MarketWatch) -- TJX Cos. shares TJX, +1.43% rose almost 4% in premarket trade Tuesday, after the discount retailer beat profit and sales estimates and raised its outlook for fiscal 2015. The company said it earned $517.6 million, or 73 cents a share, in the second quarter, up from $479.6 million, or 66 cents a share in the year-earlier period. Adjusted per-share earnings were 75 cents, ahead of the FactSet consensus of 73 cents. Sales climbed to $6.917 billion from $6.442 billion, ahead of the FactSet consensus of $6.884 billion. Same-store sales rose 3% and were ahead of the company's target, said Chief Executive Carol Meyrowitz. "Our customer traffic gained momentum throughout the quarter, and was positive in July," she said in a statement. "Further, we are pleased with our solid merchandise margins as well as the improved performance of our apparel businesses." The company is now expecting fiscal 2015 adjusted per-share earnings of $3.10 to $3.18, compared with a FactSet consensus of $3.14. Shares are down 15.4% in the year to date, compared with a 6.7% gain for the S&P 500.
