TJX Companies Q2 Results Top Estimates; Raises FY14 Profit View - Quick Facts

(RTTNews) - TJX Companies, Inc. (TJX) reported that its second-quarter net income increased to $479.56 million or $0.66 per share, from $421.09 million or $0.56 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $6.44 billion from $5.95 billion in the prior year quarter. Twenty five analysts had consensus revenue estimate of $6.37 billion for the quarter. Consolidated comparable store sales for the quarter increased 4% over last year's reported 7% increase.

For the third quarter of Fiscal 2014, the company expects earnings per share to be in the range of $0.69 to $0.72, which would represent an 11% to 16% increase over last year's $.62 per share. This outlook is based upon estimated consolidated comparable store sales growth of 2% to 3%. Analysts expect the company to report earnings of $0.71 per share for the third-quarter.

For the fiscal year ending February 1, 2014, the company raised its guidance for earnings per share to $2.74 to $2.80 versus $2.55 in Fiscal 2013. Excluding the approximately $.08 benefit from the 53rd week in the company's Fiscal 2013 calendar, this guidance would represent an 11% to 13% increase over the adjusted $2.47 in fiscal 2013. Analysts expect the company to report earnings of $2.82 per share for fiscal 2014.

Previously, the company expected earnings per share for fiscal 2014 to be in the range $2.70 to $2.78 versus $2.55 in Fiscal 2013. Excluding the approximately $.08 benefit from the 53rd week in the Company's Fiscal 2013 calendar, this guidance would represent a 9% to 13% increase over the adjusted $2.47 in Fiscal 2013.

The updated guidance now includes an additional $0.01 per share negative impact from foreign currency exchange rates. Further, this outlook is now based upon estimated consolidated comparable store sales growth of 2% to 3%.

The company said that its earnings guidance for the third quarter and full year Fiscal 2014 assumes that currency exchange rates will remain unchanged from current levels.