The TJX Cos. Inc. is showing no hint of the second-half weakness that caused many retailers to pull back on their annual profit projections.
The off-price giant boosted its earnings outlook and said it would raise its estimates for long-term store growth at an investor meeting Tuesday.
“TJX now believes that its Marmaxx division — TJ Maxx and Marshalls — can grow to substantially more stores in the U.S. than it had previously estimated,” the firm said.
The division already has 1,966 stores and, in August, TJX said it could conservatively expand to 2,400 to 2,600 doors.
TJX said its sales and profit margins so far this quarter were strong and raised its adjusted earnings estimates to 73 cents to 74 cents a diluted share — up from the 69 cents to 72 cents projected this summer. Comparable-store sales are slated to rise 4 percent.
For the full year, TJX is now projecting adjusted earnings of $2.78 to $2.82 a diluted share, up from an adjusted $2.47 in 2012.