TJX beats same-store sales estimates, raises FY profit forecast

Nov 19 (Reuters) - TJX Cos Inc raised its full-year profit forecast on Tuesday ahead of the holiday shopping season and reported better-than-expected quarterly same-store sales as the off-price retailer’s steep discounts brought in more shoppers.

The company now expects full-year profit of $2.61 to $2.63 per share, compared with its prior forecast of $2.56 to $2.61.

The company reported a 4% rise in comparable-store sales, beating the average analyst estimate of a 2.30% rise, according to IBES data from Refinitiv.

Net income rose to $828.3 million, or 68 cents per share, in the third quarter ended Nov. 2, from $762.3 million, or 61 cents per share, a year earlier.

Net sales rose to $10.45 billion from $9.83 billion. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Maju Samuel)