T.J. Maxx parent TJX's profit forecast may miss Street estimate

Tue May 21, 2013 9:03am EDT
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May 21 (Reuters) - TJX Cos Inc, owner of the low-price T.J. Maxx and Marshalls chains, reported a higher first-quarter profit, and forecast more sales growth in the current quarter.

But the retailer, whose chains sells fashion and home goods at big discounts to department store prices, gave a profit forecast for the current quarter that could miss Wall Street estimates, and its shares slipped 0.7 percent to $51 in premarket trading.

TJX shares hit an all-time high of $51.84 last week.

The retailer forecast a profit of 61 to 63 cents per share, compared with the 63 cents Wall Street analysts have been expecting.

TJX, which also operates Canada's Winners chain, expects sales at stores open at least a year, or same-store sales, to rise 2 to 3 percent this quarter. As previously reported, TJX's same-store sales rose 2 percent last quarter

TJX reported net income of $452.9 million, or 62 cents per share for the quarter ended May 4, up from $419 million or 55 cents per share in the year-earlier period. That was in line with Wall Street forecasts.