Thursday morning, The TJX Companies, Inc. (TJX ) reported a 5% increase in same store sales for the five-week period ended July 5, 2008 over the prior-year period. The company also boosted its earnings forecast for the second quarter of fiscal 2008.
Sales for the five-week period ended July 5, 2008, were $1.8 billion, up 9% over the $1.7 billion recorded during the five-week period ended July 7, 2007 helped by favorable weather, a resilient off-price business model, and excellent execution, the company said.
The Framingham, Massachusetts-based off-price retailer of apparel and home fashions said comparable store sales for the 22-week period ended July 5, 2008 advanced 4% over last year and sales reached $7.7 billion, up 7% over the $7.2 billion recorded in the 22 weeks ended July 2007.
The company also raised its second quarter outlook for earnings per share from continuing operations to a range of $0.44 to $0.45 from the earlier range of $0.40 to $0.42. On average, 17 analysts surveyed by First Call/Thomson Financial currently expect the company to earn $0.42 per share for the quarter.
TJX closed Wednesday's regular trading session at $31.63.
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