T.J. Maxx and Marshall’s operator TJX Co. (TJX) reported stronger-than-expected third-quarter profit as customer traffic improved, and the company raised its forecast for the full year.
The Framingham, Mass.-based off-price retailer reported net income of $461.5 million, or 62 cents, compared with a year-earlier profit of $406.5 million, or 53 cents.
The results topped average analyst estimates in a Thomson Reuters poll by a penny.
Revenue for the three months ended Oct. 27 climbed 11% to $6.4 billion from $5.79 billion a year ago, beating the Street’s view of $6.3 billion. Same-store sales, or those at stores open longer than a year, grew by 7%, led by higher customer traffic across all divisions.
“We are extremely pleased that our strong momentum continued in the third quarter, demonstrating once again the power of TJX to post strong sales and profit margin gains on top of strong year-over-year comparisons,” CEO Carol Meyrowitz said in a statement.
TJX estimates fiscal fourth-quarter adjusted EPS will be in a range of 65 cents to 68 cents, which would mark a 16% to 21% increase over 62 cents achieved last year. The consensus is calling for earnings of 76 cents.
The retailer raised its fiscal 2013 view by a penny to between $2.45 and $2.48 a share. The Street is calling for full-year EPS of $2.48.
Shares of TJX climbed more than 1.5% to $41.60 Tuesday morning.