The TJX Companies, Inc.(NYSE:TJX), parent company of T.J. Maxx and Marshalls clothing stores has said that total revenue for October has increased. It has also boosted its outlook for the third quarter as well as for the full year.
Same store sales for the four week period ending October 27 increased 7 percent while total sales rose 11 percent to $2.1 billion. Sales at European stores also jumped 11 percent.
Analysts had expected the revenue at stores open at least a year to increase by 4.4 percent. Same store sales is a key measure of performance of retail companies, as the volatility from stores that opened or closed during the year do not affect the numbers.
The company expects third quarter earnings of 61 cents a share. This is higher than earlier estimates of 56 cents to 59 cents a share. Analysts had expected an EPS of 61 cents.
For the full year, TJX had earlier expected earnings in the range of $2.39 and $2.45 a share. It has now raised its guidance to a range of $2.44 to $2.47 a share. Analysts expect the company to make $2.49 for each share.
The TJX stock fell 1.84% to $41.52 after rising 1% earlier in the session.
Wanxiang America Corp has expressed its desire to be lead bidder for the assets of A123 Systems, Inc.(NASDAQ:AONE), the now bankrupt producer of electric car batteries that received a $249.1 million federal grant.
The Massachusetts based A123 filed for bankruptcy protection last month and wants to sell its automotive business assets to the Milwaukee based Johnson Controls Inc at $125 million.
Wanxiang America Corp has filed an objection to this “as a protective measure in case the debtors ultimately decide to proceed with JCI as their stalking horse bidder,” according to attorney Edmon Morton. It wants to buy all of A123’s assets and is willing to pay a higher price.
Shares of AONE are down 3.52% to $0.129.