FRAMINGHAM, Mass. (AP) - The TJX Cos. (TJX) on Tuesday reported fiscal second-quarter net income of $739.6 million.
On a per-share basis, the Framingham, Massachusetts-based company said it had profit of $1.17.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.
The parent of T.J. Maxx, Marshalls and other stores posted revenue of $9.33 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $9.03 billion.
Sales in stores open at least a year - a key metric of a retailer’s health - increased 6 percent, driven by strong customer traffic.
For the current quarter ending in November, TJX expects to earn $1.18 to $1.20 per share. That includes a benefit of 18 cents per share related to the tax overhaul. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.24. Excluding the tax benefit, TJX expects its per-share earnings to range from $1 to $1.02.
The company raised its full-year forecast and now expects earnings per share in the range of $4.83 to $4.88. Excluding benefits related to the tax overhaul, the retailer expects annual profit of $4.10 to $4.14 per share.
TJX shares have increased 33 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 7 percent. The stock has climbed 44 percent in the last 12 months.
_____
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TJX at https://www.zacks.com/ap/TJX
Please read our comment policy before commenting.