TJX Companies (TJX), the operator of discount retailers including TJ Maxx, posted higher-than-expected quarterly results on the back of gains in European sales Wednesday and raised its full-year earnings outlook.
The company, whose brands also include HomeGoods and Marshall's, posted third-quarter net sales of $14.1 billion, up 6% year-over-year, and above estimates from Visible Alpha of $13.93 billion.
Earnings per share (EPS) of $1.14 also exceeded the $1.08 EPS estimate compiled by Visible Alpha.
Chief Executive Officer (CEO) Ernie Herrman said the 3% gain in year-over-year same store sales was at the “high end” of the company’s plan and that the fourth quarter is "off to a strong start."
TJX said it expects full-year consolidated comparable store sales to be up 3%.
It also raised its pretax profit margin outlook for the full fiscal year to be 11.3% and EPS to be in the range of $4.15 to $4.17.
When it announced second-quarter earnings, TJX raised its outlook for pretax profit margin to around 11.2% and raised its forecast for diluted EPS to a range of $4.09 to $4.13.
TJX shares fell more than 1% Wednesday and are up about 25% this year.
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