said Tuesday that unseasonable weather caused a drop in quarterly earnings, even though sales rose.
The owner of the T.J. Maxx and Marshalls chains had a profit of $123.3 million, or 24 cents a share, in the fiscal second quarter, up from $129.6 million, or 24 cents a share, in the year-ago period. That was in line with analysts' estimates and the retailer's previously reduced forecast.
Shares were falling 9 cents, or 0.5%, to $19.83 in morning trading.
"The unseasonably cool and rainy weather that persisted throughout May and early June negatively impacted sales and merchandise margins," said President and Chief Executive Edmond English in a prepared statement.
He also said the company continued to manage inventories aggressively, allowing it "to stay abreast of current market trends" and helping sales at other divisions, such as T.K. Maxx, HomeGoods and A.J. Wright.
Revenue rose 10% to $3.05 billion, slightly below Wall Street's estimates of $3.06 billion.
Additionally, TJX said it continued its share repurchase program, retiring 6.8 million shares for a total of $125 million. In the past six months, the company spent $265 million to repurchase a total of 15 million shares.