TJX remains strong in Q2

FRAMINGHAM, Mass. TJX reported second-quarter net sales increased 4% to $4.7 billion and consolidated comparable-store sales increased 4%. Net income from continuing operations for the second quarter was $262 million, and diluted earnings per share from continuing operations were 61 cents, up 27% over 48 cents last year.

Carol Meyrowitz, president and CEO of TJX stated, “It is very exciting to report how well we are doing despite the economic downturn. Our strong second-quarter results were achieved on top of three years of very strong performance. Our extreme values on exciting brands and fashions continue to resonate with consumers and drive extraordinary increases in customer traffic counts.”

For fiscal 2010, the company expects earnings per share from continuing operations in the range of $2.26 to $2.38, compared with $2.08 per share last year. This outlook is based upon estimated consolidated comparable-store sales growth of approximately 2% to 3% for the full year.

For the third quarter, the company expects earnings per share from continuing operations in the range of 62 cents to 68 cents compared with 58 cents in reported earnings per share from continuing operations in the prior year. This range is based upon estimated consolidated comparable-store sales growth of approximately 2% to 4%.