AP NEWS
Related topics

    TJX shares fall on guidance

    November 20, 2018

    FILE- In this May 16, 2017, file photo, shoppers are reflected as they walk by a T.J. Maxx storefront in North Andover, Mass. Shares of The TJX Cos. fell Tuesday, Nov. 20, 2018, after the company reported weaker-than-expected fourth-quarter results and guidance for the year. (AP Photo/Elise Amendola, File)

    NEW YORK (AP) — Shares of The TJX Cos. fell Tuesday after the company reported weaker-than-expected guidance for the fourth quarter despite posting strong revenue in the third quarter.

    The parent of T.J. Maxx and Marshalls reported a 19 percent boost in profit to $762.3 million, or 61 cents per share, matching the average Street estimate. Excluding a tax benefit and pension settlement charge, profit came to 54 cents per share.

    The Framingham, Massachusetts-based company reported a 12 percent boost in revenue to $9.83 billion, topping expectations for $9.5 billion. Sales in stores open at least a year — a key metric of a retailer’s health — rose 7 percent, also topping expectations.

    Overall sales were driven by higher customer traffic in each division, the company said.

    Looking ahead, adjusted fourth-quarter profit will range from 56 cents to 57 cents per share, falling short of forecasts for 63 cents per share.

    TJX expects adjusted full-year earnings to be $2.08 to $2.09 per share.

    Shares fell $1.70, or 3.5 percent, to $47.26 in afternoon trading.

    _____

    Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TJX at https://www.zacks.com/ap/TJX

    ___

    This story has been corrected to show that the company reported third-quarter, not fourth-quarter results and that the profit estimate was forecasting GAAP, not adjusted, earnings per share.

    AP RADIO
    Update hourly