Shares of TJX Companies Inc. fell 1.7% in premarket trade Tuesday, after the retailer missed sales expectations and lowered its full-year profit outlook. For the quarter ended Nov. 1, earnings fell to $595 million, or 85 cents a share, from $622.7 million, or 86 cents a share, matching the FactSet consensus analyst estimate. Sales rose to $7.37 billion from $6.98 billion, and same-store sales grew 2%, missing analyst forecasts of $7.44 billion and 2.3%, respectively. TJX said it expects per-share earnings of 86 cents to 90 cents for the current quarter, below analyst forecasts of 93 cents, and lowered its outlook for full-year adjusted earnings per share to a range of $3.09 to $3.13 from $3.08 to $3.18. The stock has lost 3.4% year to date through Monday, compared with a 2.5% gain in the SPDR S&P Retail ETF and a 10% rise in the S&P 500.
Copyright © 2014 MarketWatch, Inc.