NEW YORK (TheStreet) -- Shares of TJX Companies Inc. (TJX) 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:
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: