TJX raises revenue 12% in Q2
Photo | Grant Welker
TJX is headquartered in Framingham.
Framingham retail parent company TJX is raising its full-year estimates and per-share earnings after a second quarter in which it raised net sales by 12 percent to $9.3 billion.
The company behind stores like T.J. Maxx, Marshalls and Homegoods reported $739 million in profit, shattering its mark of $554.9 million in last year’s second quarter. For the year, the company has made almost $1.5 billion, which is about $376 million more than the company was at this time last year.
The company is raising its full-year earnings-per-share guidance to $4.83 to $4.88, representing at least a 20 percent increase over last year’s figure of $4.04.
The company reported growth in all of its brands, reporting at least 3 percent quarterly growth in all four segments.
Investors appear to be attracted after news of the company’s growth, as shares of the company’s stock opened trading Tuesday up nearly 4 percent from $101.6 to $105.6.
TJX continues to be a bright spot in an otherwise tough retail market as online shopping increases pressure on stores.
In a statement, President and CEO Ernie Herrman said customer traffic was the primary driver of the company’s sales increases at all divisions. The quarter marked the 16th straight quarter of customer traffic increases for the company and its Marmaxx division.
The company has been rapidly expanding, opening 53 new stores globally in the quarter.
“We have been attracting new customers to all our divisions, a significant share of whom are younger customers,” he said. “This is great for our business today and for the future.”
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