(Filed Under Financial and General Interest News). The TJX Companies, Inc., parent of off-price retailers Marshalls, T.J. Maxx and HomeGoods, reported a 9.2 percent rise in profits for the third quarter of 2011, leading the company to increase its fourth-quarter sales guidance.
Earnings came to $406.5 million, or $1.06 a share, up from $372.3 million, or 92 cents a share, in the year-ago period. Sales rose 4.8 percent to $5.79 billion from $5.53 billion. Consolidated same-store sales rose 3 percent, while gross margins expanded to 28.1 percent from 27.5 percent in the third quarter of 2010.
"We achieved these strong results despite unseasonably warm weather during the quarter in many key regions of the U.S. and Canada, which hindered demand for fall apparel," stated C.E.O. Carol Meyrowitz. "Sales in the U.S. picked up when the weather turned cooler and we ended the quarter strongly."
Looking ahead, TJX upped its fourth-quarter sales guidance to a range of 2 to 3 percent, up from 1 to 2 percent. For the full year, the company expects earnings per share of $3.93 to $3.97, narrowing the range on the higher side from its previous projection of $3.89 to $3.97.
TJX Companies currently operates over 2,000 retail locations in the United States, over 300 locations in Canada and approximately 350 stores in Europe.
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