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TJX Profit Falls 5%, Cuts 2009 Forecast
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TJX, which operates the T.J. Maxx and Marshalls stores, says third-quarter profit slipped 5 percent as unfavorable exchange rates and a tough economy crimped results for the discount fashion retailer.
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Elise Amendola / AP |
Profit declined to $235.8 million from $249.5 million a year earlier. Earnings per share remained flat at 54 cents per share, while earnings from continuing operations rose to 58 cents per share from 54 cents a year ago.
During the quarter, TJX [TJX
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] recorded an $18 million, or 4 cent per share, loss from the sale of its Bob's Stores chain in August, which was reported as a loss from discontinued operations.
Sales rose to $4.76 billion from $4.66 billion.
Analysts polled by Thomson Reuters expected earnings of 55 cents per share and sales of $4.84 billion. Analysts usually exclude one-time items.
The Framingham, Mass.-based company also lowered its fiscal 2009 full-year earnings outlook.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
