The TJX Companies (NYSE: TJX) rose in pre-market trading at the time of publishing on Wednesday after the off-price retailer announced Q2 earnings of $0.85 per share as compared to $0.69 per share in the same period last year, beating analysts’ estimates of $0.77 per share.
The retailer’s second-quarter revenues went up by 8% year-over-year to $12.75 billion and surpassed Street estimates of $12.45 billion. In Q2, TJX’s comparable store sales increased by 6%.
Looking forward, the management expects its Q3 comparable store sales to be up by 3% to 4% with diluted earnings likely to be between $0.95 and $0.98. In FY24, TJX has forecasted adjusted diluted earnings to be in the range of $3.56 to $3.62 per share
Analysts are bullish about TJX stock with a Strong Buy consensus rating based on 17 Buys and three Holds.
