logo
Plus   Neg
Share
Email

TJX Companies Boosts FY20 Outlook As Q1 Results Top Estimates - Quick Facts

Off-price retailer TJX Companies, Inc. (TJX) reported Tuesday a decline in profit for the first quarter from last year. However, both earnings per share and sales for the quarter topped analysts' expectations. The company also raised its earnings outlook for the full year 2020.

TJX's first-quarter net income decreased to $700.18 million or $0.57 per share from $716.38 million or $0.56 per share in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 7 percent to $9.28 billion from $8.69 billion in the same quarter last year and beat analysts' consensus revenue estimate of $9.21 billion.

Consolidated comparable store sales rose 5 percent, compared to an increase of 3 percent in the same period last year. Customer traffic was once again the primary driver of comparable store sales increases at each of the company's four large divisions.

Looking ahead to the second quarter, TJX Companies forecast earnings in a range of $0.61 to $0.62 per share, based upon estimated comparable store sales growth of 2 to 3 percent on a consolidated basis and at Marmaxx. Analysts expect earnings of $0.62 per share.

For fiscal 2020, TJX Companies now projects earnings in a range of $2.56 to $2.61 per share, based upon estimated consolidated comparable store sales growth of 2 to 3 percent on a consolidated basis and at Marmaxx. The Street expects earnings of $2.61 per share for the year.

Earlier, the company forecast earnings in the range of $2.55 to $2.60 per share, based upon estimated consolidated comparable store sales growth of 2 to 3 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly opening a new line of grocery stores separate from its existing Whole Foods and Amazon Go chains. According to CNET, an Amazon spokesperson confirmed that, "Amazon is opening a grocery store in Woodland Hills in 2020." Woodland Hills is a neighborhood... Google Stadia, the tech giant's game streaming service that was unveiled in June, has announced it will launch 12 games on November 19. To celebrate the start of holiday season, coffee retail giant Starbucks Corp. (SBUX) is offering a Happy Hour deal on Thursday, November 14. On November 14 from 2-7 p.m., Starbucks customers can buy one, get one free on any handcrafted beverage, including holiday beverages, size grande or larger. Starbucks...
RELATED NEWS
Follow RTT
>