TJX Companies Q3 Profit Beats Estimates; Stock Up

(RTTNews) - The TJX Companies, Inc. (TJX) reported an increase in profit for the third quarter that also topped Wall Street estimates. Looking forward, the company now expects to repurchase approximately $1.75 billion to $2.0 billion of stock in fiscal 2022, an increase of $500 million from its prior plan. The company also expects to declare a $0.26 per share dividend in the fourth quarter.

Ernie Herrman, CEO, said, "I am extremely pleased with the continued strength of our business, with our overall open-only comp store sales up a very strong 14% over fiscal 2020, and earnings per share of $0.84, well above our plan."

Net income increased to $1.02 billion or $0.84 per share, from $866.66 million or $0.71 per share, a year ago. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.81, for the quarter. Analysts' estimates typically exclude special items.

Net sales were $12.53 billion, an increase of 24% from a year ago. Analysts on average had estimated $12.27 billion in revenue.

For the start of the fourth quarter, overall open-only comp store sales growth is up mid-teens over the fourth quarter of fiscal 2020, the company noted.

Shares of TJX Companies were up 4% in pre-market trade on Wednesday.