TJX raises profit forecast on second-quarter sales gains

Tue Aug 14, 2012 8:52am EDT

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(Reuters) - Discount retailer TJX Cos Inc, owner of the Marshalls and T.J. Maxx chains, raised its full-year profit forecast on a rise in its second-quarter sales fueled by shoppers seeking inexpensive designer products.

The company now expects full-year earnings in the range of $2.39 to $2.45 per share. Earlier this month, TJX raised its full year profit forecast to a range of $2.38 to $2.44 per share.

TJX said it estimates a profit of 56 to 59 cents per share for the current quarter, which includes the important back-to-school season.

TJX, which also operates the T.K. Maxx chain in Europe, reported net income of $421.1 million, or 56 cents per share for the quarter ended July 28, up from $348.3 million, or 45 cents per share a year earlier.

Revenue rose 9 percent to $5.95 billion in the quarter.

(Reporting by Phil Wahba in New York and Ranjita Ganesan in Bangalore; Editing by Akshay Lodaya)

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