TJX Companies stock gains after net and same-store sales beat expectations, while profit matched

0
115
tjx-companies-stock-gains-after-net-and-same-store-sales-beat-expectations,-while-profit-matched

Shares of TJX Companies TJX, -1.27% gained 0.8% in premarket trading Wednesday, after the off-price apparel and home fashions retailer reported fiscal fourth-quarter profit that matched expectations but sales that beat, as customer traffic increased and amid strength in its Marmaxx branded stores. Net income for the quarter to Jan. 28 rose to $1.04 billion, or 89 cents a share, from $940 million, or 78 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 89 cents. Net sales grew 4.8% to $14.52 billion, above the FactSet consensus of $14.07 billion, as same-store sales growth of 4% beat expectations of a 1.1% rise. Marmaxx same-store sales rose 7% to beat the FactSet consensus for 2.8% growth, while HomeGoods same-store sales decline of 7% beat expectations of a 9% decline. For the first quarter, the company expects EPS of 68 cents to 71 cents, below the current FactSet consensus of 74 cents, and same-store sales growth of 2% to 3% versus expectations of 2.3% growth. “During the year, our apparel businesses, including accessories, across the company were strong,” said Chief Executive Ernie Herrman. “Sales at our home businesses overall were softer as we saw extraordinary growth during the two prior years when consumers focused on purchases for their homes.” The stock has slipped 1.6% over the past three months through Tuesday, while the S&P 500 SPX, -2.00% has eased 0.2%.

LEAVE A REPLY

Please enter your comment!
Please enter your name here