TJX Cos. (TJX) Stock Climbs as Earnings, Revenue Top Estimates
NEW YORK (TheStreet) -- TJX Companies (TJX) - Get Report stock is up by 5.78% to $69.40 in pre-market trading on Tuesday, following the release of the company's fiscal 2016 third quarter financial results before the market open today.
The parent company of the T.J. Maxx, Marshalls and HomeGoods retailers posted earnings of 86 cents per share, up from 85 cents per share for the year ago period.
Revenue climbed to $7.75 billion, compared to $7.37 billion for the prior year period.
TJX had been forecast to report earnings of 84 cents per share on revenue of $7.73 billion for the most recent quarter, by analysts surveyed by Thomson Reuters.
The retailer's comparable store sales rose by 5% year over year, up from a 2% rise for the fiscal 2015 third quarter.
TJX expects per-share earnings to range between 91 cents and 93 cents for the fiscal 2016 fourth quarter, compared to 93 cents last year.
"I am extremely pleased with our third quarter performance as our momentum continued," CEO Carol Meyrowitz said in a statement. "With our clear vision for global growth, a differentiated apparel and home fashions business, and world-class organization, I am very confident we will grow TJX to a $40 billion-plus company!"
Separately, 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 solid stock price performance, growth in earnings per share, increase in net income, revenue growth and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: TJX
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