TJX Companies, which owns TJ Maxx, HomeGoods and Marshalls, reported quarterly earnings that beat analysts' expectations. Revenue was $13.27 billion compared to an expected $13.09 billion. Earnings per share were $1.03 compared to an expected $0.99. TJX raised its full-year guidance for the third time this year, predicting comparable store sales growth of 4-5% compared to a previous 3-4% estimate. Earnings per share guidance was raised to $3.71-3.74 from $3.66-3.72. TJX has been taking market share from retailers like Macy's and Target as inflation-weary customers look for discounts. Apparel and home goods sales increased strongly.
