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TJX posts 24% earnings growth, raises guidance

FRAMINGHAM, Mass. — TJX reported that net sales for the second quarter of fiscal 2013 increased 9% to $5.9 billion and consolidated comparable-store sales increased 7%. Net income for the second quarter was $421 million and diluted earnings per share were 56 cents, a 24% increase over 45 cents per share last year.

Carol Meyrowitz, CEO, stated, “We are extremely pleased that our strong momentum continued in the second quarter. Our 24% increase in earnings per share and 7% consolidated comparable store sales growth both significantly exceeded our original expectations, with every business posting excellent results. We are raising our full-year guidance to reflect our second quarter earnings per share. In addition, this marks the seventh consecutive year of very strong second quarter operating performance, which we believe demonstrates the sustainability of our sales and profit growth in both strong and weak economies.”

For the third quarter, the company expects diluted earnings per share to be in the range of 56 cents to 59 cents, which represents a 6% to 11% increase over 53 cents per share last year. This outlook is based upon estimated consolidated comparable-store sales growth of 2% to 4%.

For the fiscal year ending Feb. 2, 2013, the company is raising its guidance for diluted earnings per share by 1 cent to reflect its second quarter earnings. The company now expects diluted earnings per share for the full year, on a GAAP basis, to be in the range of $2.39 to $2.45, compared with $1.93 in fiscal 2012.

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