TJX Cos Inc forecast annual profit below analysts' expectations on Wednesday, as the off-price retailer faces pressures from supply chain costs as well as stubbornly high inflation, which could likely dampen consumer spending.
Shares of the HomeGoods owner fell about 2% in early trading after the company also sees a weak first-quarter profit.pushesTJX also posted better-than-expected fourth-quarter revenue after it continued to draw in shoppers during the all-important holiday season.
But Chief Executive Officer Ernie Herrman said home businesses overall were softer compared to the extraordinary growth seen during the prior two years when consumers purchased for their homes. The HomeGoods segment's U.S. comparable store sales declined 7% in the quarter. TJX now expects fiscal 2024 adjusted profit per share between $3.29 and $3.41, compared with analysts' estimates of $3.57, according to IBES data from Refinitiv.
The company has historically been "an under-promiser and over-deliverer," BMO Capital Markets analyst Simeon Siegel said.5% to $14.52 billion, beating estimates of $14.07 billion, while profit per share came in line with expectations.Our Standards:
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