NEW YORK (AP) - Shares of The TJX Cos. fell Tuesday after the company reported weaker-than-expected guidance for the fourth quarter despite posting strong revenue in the third quarter.
The parent of T.J. Maxx and Marshalls reported a 19 percent boost in profit to $762.3 million, or 61 cents per share, matching the average Street estimate. Excluding a tax benefit and pension settlement charge, profit came to 54 cents per share.
The Framingham, Massachusetts-based company reported a 12 percent boost in revenue to $9.83 billion, topping expectations for $9.5 billion. Sales in stores open at least a year - a key metric of a retailer’s health - rose 7 percent, also topping expectations.
Overall sales were driven by higher customer traffic in each division, the company said.
Looking ahead, adjusted fourth-quarter profit will range from 56 cents to 57 cents per share, falling short of forecasts for 63 cents per share.
TJX expects adjusted full-year earnings to be $2.08 to $2.09 per share.
Shares fell $1.70, or 3.5 percent, to $47.26 in afternoon trading.
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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
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This story has been corrected to show that the company reported third-quarter, not fourth-quarter results and that the profit estimate was forecasting GAAP, not adjusted, earnings per share.
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