Feb 23, 2011
TJX sales forecast disappoints; shares fall
Feb 23, 2011
NEW YORK (Reuters) - Lower-price retailer TJX Cos Inc (TJX.N) reported a better-than-expected quarterly profit on Wednesday, but its sales outlook disappointed analysts and its shares fell.
TJX, which operates chains such as Marshalls and T.J. Maxx, reported adjusted earnings of $334.4 million, or 84 cents per share, for the fourth quarter ended January 30, down from $395 million, or 94 cents per share, a year earlier.
Excluding the impact of A.J. Wright store closings, the company reported earnings of $1.05 per share, topping analysts' average estimate of $1.02, according to Thomson Reuters I/B/E/S.
Sales rose 7 percent to $6.3 billion.
TJX was helped by an increase in sales over the holiday as shoppers sought designer brands at bargain prices, and the company forecast continued sales gains.
For the current quarter, TJX said it expects adjusted earnings from continuing operations of 75 cents to 82 cents per share on same-store sales ranging from a decrease of 1 percent to an increase of 2 percent.
For fiscal 2012, which ends next January, the retailer forecast adjusted earnings per share of $3.78 to $3.93 from continuing operations on a same-store sales rise of 1 percent to 2 percent.
TJX shares were down 3.3 percent at $48.08 in premarket trading on the New York Stock Exchange.
(Reporting by Phil Wahba and Helen Chernikoff; editing by John Wallace)
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