NEW YORK (TheStreet) -- Shares of TJX Companies Inc. (TJX - Get Report) are up 6.96% to $57.65 after the off-price retailer of apparel and home fashions reported second quarter earnings that increased 7.9%, better than expectations, leading the company to raise its outlook for the full year.
The company now expects per share earnings between $3.10 and $3.18, up from its previous forecast of $3.05 to $3.17.
For the current quarter, the company forecast earnings between 81 cents and 85 cents, compared with analysts' forecast for 85 cents per share.
TheStreet's Jim Cramer on why he'd be a buyer of TJX Companies:
WATCH: More videos from Jim Cramer on TheStreet TV | More videos from Jim Cramer Must Read: Warren Buffett's 25 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. For the period ended August 2, TJX reported a profit of $517.6 million, or 73 cents per share, up from $479.6 million, or 66 cents per share, a year ago. Excluding special items, earnings were 75 cents per share. TJX expected per share earnings of 70 cents to 74 cents. Net sales increased 7.4% to $6.92 billion, slightly above analysts' forecast for $6.88 billion. Same-store sales were up 3%, in line with the company's expectations for 2% to 3% growth. Gross profit margin declined to 28.6% from 28.8%. TheStreet Ratings team rates TJX COMPANIES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: "We rate TJX COMPANIES INC (TJX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, growth in earnings per share, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins."
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