TJX Shares Reach Record High Levels Following Raised Fiscal Year Outlook

By Sabela Ojea

Shares of TJX on Wednesday rose to an all-time high after the company after the company raised its earnings outlook for the year amid views of gaining market share across its geographies.

The stock was up 6.7% at $104.20 in morning trading, the second best performing company in the S&P 500. Shares have jumped 36% over the past 12 months.

The owner of T.J. Maxx and other off-price retailers said it now forecasts full-year earnings per share of $4.03 to $4.09 a share, up from a prior range between $3.94 and $4.02, after seeing both higher first-quarter sales and same-store sales.

TJX saw same-store sales growth at every division in the first quarter, entirely driven by customer transactions.

The company also said that its second quarter is off to a good start and guided for full-year earnings per share of 88 cents to 90 cents on a same-store sales increase of 2% to 3%. Analysts were looking to 93 cents on a 3% same-store sales increase.

"Longer term, we are excited about the potential we see to drive customer transactions and sales, capture additional market share, and increase the profitability of TJX," Chief Executive Ernie Herrman said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

May 22, 2024 11:42 ET (15:42 GMT)

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