Wed. Nov 20th, 2019

TJMaxx parent TJX stock slips after sales miss, weak guidance

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TJX Cos.

TJX, +0.31%

stock fell 3.5% in Tuesday premarket trading after the off-price retail company reported second-quarter sales that missed expectations and the company gave weak guidance. Net income totaled $759.0 million, or 62 cents per share, up from $739.6 million, or 58 cents per share, last year. Sales of $9.78 billion, were up from $9.33 billion in 2018. The FactSet consensus was for EPS of 62 cents and sales of $9.9 billion. Consolidated same-store sales were up 2%,, below the 3.1% growth FactSet forecast, with TJX International up 6% and Marmaxx up 2%. For the third quarter, TJX expects EPS in the range of 63 cents to 65 cents and same-store sales up 1% to 2% on a consolidated basis. The FactSet guidance is for 68 cents and same-store sales growth of 2.4%. For the year, the company is guiding for EPS of $2.56 to $2.61 with same-store sales growth of 2% to 3%. FactSet expects EPS of $2.62 with same-store sales growth of 3.3%. TJX stock has gained 15.2% for the year to date while the S&P 500 index

SPX, +1.21%

is up 16.6% for the period.

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