TJX Shares Slide After Sales Miss, Weak Outlook
TJX. Cos. shares fell 5.3% in Tuesday premarket trading after the off-price retail company reported a first-quarter sales miss, and gave second-quarter guidance below expectations. Net income was $536.3 million, or 82 cents per share, up from $508.3 million, or 76 cents per share last year. Sales were $7.78 billion, up from $7.54 billion. The FactSet consensus was for EPS of 79 cents and sales of $7.88 billion. Same-store sales increased 1%, below the FactSet consensus for a 1.6% increase. Marmaxx and TJX International reported flat same-store sales and same-store sales were up 3% for HomeGoods and TJX Canada. TJX expects second-quarter EPS in the range of 81 cents to 83 cents, below the 92-cent FactSet consensus. Full-year EPS is expected to be in the range of $3.82 to $3.89, and adjusted EPS in the range of $3.71 to $3.78. The FactSet consensus is $3.90. TJX shares are up 2.4% for the year so far while the S&P 500 index is up 7.3% for the period.
Copyright © 2017 MarketWatch, Inc.