TJX Companies Inc. (TJX) reported that its third-quarter net earnings were $347.80 million or $0.81 per share, compared to $235.85 million or $0.54 per share in the same quarter last year.
Net income from continuing operations for the third quarter was $348 million, and diluted earnings per share from continuing operations were $0.81, up 40% over $0.58 on a reported basis last year, despite the adverse impact of foreign exchange rates and a non-operating item on year-over-year comparisons. The prior year's third quarter results included a positive impact of $0.01 per share from a reduction in the Company's reserve related to the previously announced computer intrusion.
Excluding this non-operating item, third quarter fiscal 2010 earnings per share of $0.81 increased 42% over the adjusted $0.57 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter were $5.24 billion, compared to $4.76 billion in the prior year quarter. Thirteen analysts had consensus revenue estimate of $5.25 billion for the quarter. consolidated comparable store sales for the quarter increased 7%.
The Company raised its fourth-quarter earnings per share from continuing operations outlook to a range of $0.65 - $0.71 per share, from the prior range of $0.60 - $0.66 per share. This range is based upon estimated comparable store sales growth of approximately 5% to 7%. Analysts expect the company to report earnings of $0.71 per share for the fourth-quarter.
For the full year fiscal 2010, the Company now expects earnings per share from continuing operations in the range of $2.55 to $2.61, compared to prior range of $2.46 - $2.54 per share. This outlook is based upon estimated consolidated comparable store sales growth of approximately 5% for the full year. Analysts expect the company to report earnings of $2.59 per share for fiscal 2010.
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