TJX reports record Q3, raises outlook

FRAMINGHAM, Mass. TJX announced record sales and earnings results for third quarter ended Oct. 31. Net sales for third quarter fiscal 2010 increased 10% to $5.2 billion and consolidated comparable-store sales increased 7% over last year. Net income from continuing operations for third quarter was $348 million, and diluted earnings per share from continuing operations were 81 cents, up 40% over 58 cents on a reported basis last year.

For the first nine months of fiscal 2010, net sales were $14.3 billion, a 5% increase over last year, and year-to-date consolidated comparable-store sales increased 5% over the prior year. Net income from continuing operations was $819 million, and diluted earnings per share from continuing operations were $1.91, up 27% over $1.50 on a reported basis in the same period last year.

For fourth quarter fiscal 2010, the company now expects earnings per share from continuing operations in the range of 65 cents to 71 cents, based on estimated comparable-store sales growth of approximately 5% to 7%. For full year fiscal 2010, the company now expects earnings per share from continuing operations in the range of $2.55 to $2.61, compared with $2.08 per share last year. This outlook is based upon estimated consolidated comparable-store sales growth of approximately 5% for the full year.