TJX raises its outlook
Staff Staff -- Furniture Today, October 22, 2013
Framingham, Mass. - Ahead of its investor event today, TJX Cos. boosted its outlook for the third quarter and the full fiscal year.
Key to the move: the company believes it can open far more Marmaxx division units (T.J. Maxx and Marshalls) in the U.S. than previously anticipated; and it sees the long-term potential to reach a 10%-plus segment profit margin in TJX Europe (T.K. Maxx and HomeSense), where it originally expected and 8%-plus margin.
TJX now expects third quarter earnings per share in the range of 84-85 cents, compared with last year's 62 cents per share. That includes an estimated 11 cent tax benefit. Third quarter consolidated comparable store sales are forecast to grow 4% on top of last year's 7% increase.
For the fiscal year ending Feb. 1, 2014, TJX now expects earnings per share of $2.89 to $2.93 versus $2.55 in the previous fiscal year. Comp store sales are anticipated to grow 2% to 3%.
The company said it believes it can grow earnings per share annually by 10%-13% for each of the next three years.
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