TJX - This Retailer's Profits Were Up 22% Last Quarter and It Just Raised Guidance. Time to Buy?
2023-08-24 09:23:00 ET
Retail is a tough place to invest in these days. Inventory levels are high, as are wages, and theft is a growing concern among big-box retailers. But one company that appears to be thriving despite troubling macroeconomic conditions is TJX Companies (NYSE: TJX) .
The company, which owns off-price retailers T.J. Maxx, Marshalls, Homesense, and other brands, just posted an impressive quarter while also hiking its guidance for the year. Is the stock destined to go higher, or has its valuation gotten too rich?
On Aug. 16, TJX reported its earnings for the quarter ended July 29. Sales of $12.8 billion rose 8% year over year and came in higher than the roughly $12.5 billion analysts were expecting. On the bottom line, the performance was even more impressive with TJX's net income jumping 22% to $989 million. On a per-share basis, earnings of $0.85 topped the analysts' consensus of $0.77.
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This Retailer's Profits Were Up 22% Last Quarter, and It Just Raised Guidance. Time to Buy?