TJX beats by $0.04, reports revs in-line with comps above guidance; guides Q4 below consensus:
- Reports Q3 (Oct) earnings of $0.91 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.87; revenues rose 6.9% year/year to $8.29 bln vs the $8.23 bln Capital IQ Consensus.
- Comps +5% vs. +2-3% guidance; Marmaxx +5%, HomeGoods +6%
- Co issues downside guidance for Q4, sees EPS of $0.96-0.98 vs. $1.02 Capital IQ Consensus Estimate. This guidance reflects an assumption that wage increases will negatively impact EPS growth by 3%. The Company also expects the combination of foreign currency and transactional foreign exchange will have an additional 6% negative impact on EPS growth. This EPS outlook is based upon estimated consolidated comparable store sales growth of 1% to 2% over last year's strong 6% increase.
- "Again this quarter, our comp store sales growth was primarily driven by customer traffic. We are convinced that we are gaining consumer market share across all of our divisions! Further, our merchandise margin was up strongly. We have numerous initiatives underway to drive customers to our stores this holiday selling season and keep them coming back."
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