The TJX Cos., Inc. reported sales rose 3% in the five weeks ended October 4, to $1.78 billion. Comps decreased 1%.
The company is lowering its guidance for third quarter earnings per share from continuing operations to the range of 55 cents to 58 cents primarily to reflect lower-than-expected sales. This range is based upon estimated consolidated comparable store sales growth for the quarter of approximately flat to 1%. It assumes a negative impact from foreign exchange rates of 1 cent per share and represents a 2% to 7% increase over the 54 cents in diluted earnings per share in the prior year.
Reflecting its updated guidance, the company now expects full year Fiscal 2009 diluted earnings per share from continuing operations to be in the range of $2.26 to $2.31 with consolidated comparable store sales growth of approximately 2%. This guidance includes an expected 9 cents a share benefit from the 53rd week in the companys Fiscal 2009 fourth quarter and the 2 cents a share benefit from unanticipated tax-related adjustments in the first quarter of Fiscal 2009. Last years results included a charge of $.25 per share related to the previously announced computer intrusion(s). Excluding these items, full year Fiscal 2009 adjusted diluted earnings per share from continuing operations are estimated to be in the range of $2.15 to $2.20, an increase of 11% to 14% over the prior years adjusted $1.93.