TJX raises annual sales, profit forecasts

A sign hangs outside a Marshalls, owned by TJX Cos., in Cincinnati.

TJX raised its annual comparable sales and profit forecasts on Wednesday, banking on resilient demand at its off-price retail stores as budget-conscious consumers increasingly shop for deals amid economic uncertainties.

Shares of the Framingham, Massachusetts-based company rose 3.6 per cent in premarket trading after it also raised its share buyback target to a range of uS$2.75 billion to US$3.0 billion, from US$2.50 billion to US$2.75 billion earlier.

However, the discount retailer joined other companies in flagging an impact on its profits from elevated fuel costs over the past few months due to the Iran war.

The TJ Maxx-parent expects comparable store sales to grow between three per cent and four per cent in fiscal 2027, compared with its prior forecast of between two per cent and three per cent growth.

It also expects annual earnings per share to be between US$5.08 and US$5.15, compared with its previous forecast of US$4.93 to US$5.02.

(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Leroy Leo)