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TJX Met Higher Store Traffic, Profit Topped Forecast

8/19/14 10:40 AM EDT
Shares of discount retailer TJX are trading up on Tuesday after quarterly profit and sales topped estimates and the company raised its outlook going forward. Profit came in at 75 cents a share, that was a couple of cents better than expectations. Revenue rose 7 percent to almost $7 billion, also better than forecasts. Comparable store sales rose 3 percent, which is more than what the retailer itself hoped for. CEO Carol Meyrowitz said, "Our customer traffic gained momentum throughout the quarter. We are pleased with our solid merchandise margins as well as the improved performance of our apparel businesses." TJX believes that it's on track for a good year. It's lifting guidance and expects earnings from this fiscal year to grow between 10 percent and 12 percent from the year before.
Stocks in this video: TJX
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