The TJX Companies (NYSE: TJX) announced its Q3 results with revenues of $12.2 billion, down 3% year-over-year but missing Street estimates by $130 million.
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Adjusted earnings came in at $0.86 per share for the off-price retailer, beating analysts’ estimates of $0.80.
Ernie Herrman, CEO and President of The TJX Companies stated, “I am very pleased with our third quarter performance. U.S. comparable store sales exceeded our expectations, and overall pretax margin, merchandise margin, and earnings per share were strong. I am particularly pleased with the results at our Marmaxx division, which delivered a 3% comp sales increase, driven by a strong increase in its apparel business.”
For FY23, TJX has now forecasted diluted earnings to range from $2.93 to $2.97 per share and adjusted diluted earnings to range between $3.07 and $3.11. The company stated in its press release that the “change in the high end of the Company’s full year Fiscal 2023 adjusted earnings per share outlook is a result of an expected $.02 negative impact due to unfavorable foreign exchange rates.”
In addition, the company also announced that John Klinger has been promoted to EVP and CFO effective from January 29, 2023, from his earlier position as EVP, Corporate Controller.