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TJX Companies Lifts FY19 Outlook - Quick Facts

While reporting its second-quarter financial results today, off-price retailer TJX Companies Inc. (TJX) increased its fiscal 2019 outlook for earnings per share and comparable store sales.

For the third quarter, TJX forecasts earnings per share in a range of $1.18 to $1.20. Excluding an expected benefit of about $0.18 per share due to items related to the 2017 Tax Cuts and Jobs Act, the company expects adjusted earnings per share of $1.00 to $1.02.

This guidance assumes that foreign currency will negatively impact earnings per share growth by about 4 percent and that wage increases will negatively impact earnings per share growth by an additional 2 percent.

The earnings per share outlook is based upon estimated consolidated comparable store sales growth of 2 percent to 3 percent, and Marmaxx comparable store sales growth of 3 percent to 4 percent.

On average, analysts polled by Thomson Reuters expect earnings of $1.23 per share for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2019, TJX now forecasts earnings per share of $4.83 to $4.88, which includes an expected benefit of about $0.73 to $0.74 per share due to items related to the 2017 Tax Cuts and Jobs Act. Excluding this benefit, the company now expects adjusted earnings per share of $4.10 to $4.14.

This guidance assumes that wage increases will negatively impact earnings per share growth by 2 percent. The revised outlook is also now based upon estimated comparable store sales growth of 3 percent to 4 percent on both a consolidated basis and at Marmaxx.

Earlier, TJX projected full-year earnings of $4.75 to $4.83 per share and adjusted earnings in a range of $4.04 to $4.10 per share, based upon estimated consolidated comparable store sales growth of 1 percent to 2 percent.

The Street expects earnings of $4.86 per share for the year.

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