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TJX 2q Earnings Rise 14%

(Filed Under Financial and General Interest News). TJX Companies, parent of discount retail chains T.J.Maxx, Marshalls and HomeGoods, reported a second-quarter profit of $348.3 million, or 90 cents a share, up from $305 million, or 74 cents a share, in the year-ago period.

During the second-quarter, TJX twice boosted its earnings forecast due to strong customer traffic that well exceeded 2010’s levels. Full year earnings are now predicted at $3.89 to $3.97 a share, up from 3.81 to $3.93 a share.

Net sales jumped 7.9 percent to $5.47 billion, while European profit more than tripled at $7.3 million. Gross margin rose from 26.6 percent to 27.3 percent.

"We are confident in our prospects for the second half of 2011 and our ability to drive sales and profits in the short and long term," stated TJX C.E.O. Carol Meyrowitz.

TJX has an annual revenue of over $20 billion and operates more than 2,700 stores in six countries.

more Financial and General Interest News >>

Published 10-10-2011 by Katherine Rautenberg

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