NEW YORK (TheStreet) -- Shares of TJX Companies Inc. (TJX) are up 9.74% to $59.15 on very heavy trading volume after the off-price retailer of apparel and home fashions reported better-than-projected earnings today, showing that aggressive discounting and demand for housewares are helping some retailers cope with a broader slump, Bloomberg reports.
TJX, which owns T.J. Maxx and Marshalls, posted 75 cents in second quarter profit, above the 73 cents predicted by analysts.
See why TheStreet's Jim Cramer says TJX is a 'buy':
The company raised its outlook for the full year and now expects per share earnings between $3.10 and $3.18, up from its previous forecast of $3.05 to $3.17.
"People are looking for bargains," said Bridget Weishaar, a Chicago-based analyst at Morningstar Investment Services Inc. That's benefiting a company like TJX, which is built around offering name-brand products at clearance prices, she told Bloomberg. "For a lot of their competitors, offering those discounts means taking a hit on the margins."
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."