Business & Tech
UPDATED: TJX Revenue Rose 8 Percent Exceeding Wall Street Expectations
TJX profit forecast was raised and shares of stock jumped 5 percent as the company headquartered in Framingham beat Wall Street expectations
First published at 6:17 a.m. Aug. 21.
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Framingham-based TJX Corporation, the parent company of T.J. Maxx and Marshalls clothing stores, beat Wall Street expectations while announcing its second quarter earnings this week.
The company saw net income rise 14 percent during the second quarter, with shoppers seemingly trimming budgets for clothing while they spend on more bigger ticket items, reported the Worcester Telegram and Gazette.
TJX shares jumped nearly 5 percent in Tuesday morning trading.
TJX earned $479.6 million, or 66 cents per share, in the most recent period. That's up from $421.1 million, or 56 cents per share, in the same quarter last year.
Revenue rose 8 percent to $6.44 billion, from $5.95 billion, above Wall Street's estimate of $6.37 billion.
TJX, headquartered in Framingham, operates 1,052 T.J. Maxx, 914 Marshalls and 430 HomeGoods stores in the U.S. It also operates hundreds of stores in Canada and Europe.
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