TJX Profit Falls 5%, Cuts 2009 Forecast
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.
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 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.