TJX jumps after beating the Street and raising its full-year guidance
- TJX beat on both the top and bottom lines.
- The retailer raised its full-year guidance for earnings and comparable sales.
- Shares of TJX jumped as much as 5% in the Tuesday pre-market trading.
- Watch TJX trade in real-time here.
TJX reported second-quarter results that topped Wall Street estimates and raised its full-year guidance for earnings and sales. Shares jumped as much as 5% in the Tuesday pre-market trading.
The retailer earned an adjusted $1.17 a share, beating the $1.05 that Wall Street analysts surveyed by Bloomberg were anticipating. Net sales in the second quarter rose 12% to $9.3 billion, topping the $9 billion that was expected. TJX also reported a 6% increase in consolidated comparable sales.
"Customer traffic was once again the primary driver of our comp store sales increases at all of our divisions as we continue to reach a very wide customer demographic. Further, this marks the 16th straight quarter of customer traffic increases for TJX and Marmaxx," CEO Ernie Herrman said in the earnings release.
TJX raised its outlook for earnings and now sees adjusted earnings per share of $4.10 to $4.14, up from $3.85. But Wall Street was expecting $4.86 a share.
The company also raised its consolidated comparable sales guidance for the fiscal year from up between 2% and 3% to up between 3% and 4%.
TJX shares were up 30% this year through Monday.
