-=TJX (TJX) reported earnings on Wed 19 Aug 20 (b/o)

TJX misses by $0.03, beats on revs; comps -3%; not providing FY21 guidance 

Reports Q2 (Jul) loss of $0.18 per share, excluding non-recurring items, $0.03 worse than the S&P Capital IQ Consensus of ($0.15); revenues fell 31.8% year/year to $6.67 bln vs the $6.58 bln S&P Capital IQ Consensus.

The Company's second quarter results were negatively impacted by the temporary closure of its stores for nearly one third of the quarter due to the impact of the COVID-19 global pandemic. Further, the Company's net loss per share includes tax expense, which was primarily driven by a tax-loss carryback benefit recorded in the first quarter and reversed in the second quarter due to better than expected results.

For the third quarter, the Company is planning overall open-only comp store sales to decrease in the range of 10% to 20%. This is in-line with the sales trends it has seen since the middle of July and through August month-to-date. The Company's wide sales plan range reflects the uncertainty of the current environment and the difficulty in forecasting the impact of the global pandemic on consumer behavior, demand and traffic, in addition to the anticipated slower back-to-school selling season. Due to this uncertainty, the Company does not believe it is currently able to provide meaningful further guidance and is not providing a financial outlook for Fiscal 2021 at this time.