TJX Q2 profit jumps14%, ups annual forecast
FRAMINGHAM, Mass. — TJX Cos. reported that its fiscal second-quarter net income rose a better-than-expected 14%. The off-price retailer also increased its profit outlook for the year.
The company earned $479.6 million for the quarter, which ended on Aug. 3, up from $421.1 million in the same quarter last year.
Revenue increased 8% to $6.44 billion, above Wall Street's estimate of $6.37 billion. Same-store sales increased 4%, with the strongest increases in its European stores and its HomeGoods division. TJX said its third quarter was off to a “solid” start.
“We are in an excellent inventory position, which gives us the flexibility to capitalize on the great brands and fashions available to us in the marketplace,” said CEO Carol Meyrowitz.
Meyorwitz said the company saw great growth opportunities in its brick-and-mortar business and was excited about the long-term potential of e-commerce.