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TJX Shares Fall After It Warns on Its Profit Outlook

The company, which operates T.J. Maxx and Marshalls, now expects full-year profit between $3.71 and $3.78 per share, far short of analyst expectations.
T.J. Maxx store, Ypsilanti, Michigan | Source: Wikimedia
By
  • Associated Press

NEW YORK, United States — A weak outlook overshadowed strong quarterly profit at TJX and shares slid more than 3 percent at the opening bell Tuesday.

The TJX Cos., which operates T.J. Maxx and Marshalls, also reported disappointing comparable-store sales, a key indicator of a retailer's health for industry analysts.

Profit during the first quarter rose 5.5 percent to $536.3 million, or 82 cents per share, beating Wall Street expectations by 3 cents, according to a survey by Zacks Investment Research.

Revenue rose 3.2 percent to $7.78 billion, but that was short of analyst expectations.

Same-store sales rose 1 percent, well below the 8 percent gain during the same period a year ago.

The Framingham, Massachusetts, company expects full-year profit between $3.71 and $3.78 per share, far short of expectations. Analysts polled by FactSet expect $3.90 per share in profit for the year.

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