TJX raises forecast for fourth quarter
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TJX Cos. said its fiscal third-quarter profit rose 8%, and the off-price retailer slightly boosted its earnings forecast for the fourth quarter.
The company also outlined long-term plans to expand by nearly 1,000 stores, and TJX’s shares rose nearly 4%.
The owner of more than 2,500 discount stores, including T.J. Maxx and Marshalls, said third-quarter apparel sales were hurt by unseasonably warm early-fall weather, although sales have gone up in recent weeks as seasonably cool weather has settled in.
Its shares rose $1.10 to $30.42.
Net income for the three-month period that ended Oct. 27 increased to $249.5 million, or 54 cents a share, up from a profit of $230.6 million, or 48 cents, a year earlier.
The latest quarter’s performance fell just short of the consensus estimate of 55 cents a share by analysts surveyed by Thomson Financial.
Revenue at Framingham, Mass.-based TJX rose 6% to $4.74 billion. Analysts had expected revenue of $4.79 billion.
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