TK Maxx owner lifts full-year outlook after strong second quarter

• Sales rose 6% to $7.4bn (£4.7bn) in the quarter to August 1
• Like-for-likes in Europe grew 5%
• Expects full-year earnings per share to range between $3.24 and $3.28, ahead of previous forecasts of $3.21 to $3.27

The global retailer said sales increased 6% to $7.4bn (£4.7bn) for the second quarter to August 1. Like-for-like sales increased 6%, up from a 3% rise last year. Net income grew to $549m (£350.8m), up from $518m (£330m) the year before.

Across Europe, like-for-like sales increased 5%. Net sales in the region rose to $963m (£615m), up from $954m (£609m) the year before.

The strong second quarter led the retailer to push up its guidance for its full-year earnings for the second time this year. TJX Companies expects full-year earnings per share for the current fiscal year to range between $3.24 and $3.28, ahead of previous forecasts of $3.21 to $3.27.

TJX Companies chairman and chief executive Carol Meyrowitz said sales had “significantly exceeded” its expectations.

“We enter the back half of the year in an excellent position to keep our momentum going and have many exciting initiatives planned. I am convinced that our gift-giving selections will be better than ever this year, and that our fall and holiday marketing campaigns will keep attracting more shoppers to our stores.

“The third quarter is off to a solid start and we are raising our full-year comp sales and earnings per share guidance. Today, we are a nearly $30bn retailer with a clear vision for growth, a differentiated apparel and home fashions business, and world-class organization. Looking ahead, we are confident that we will achieve, and hope to surpass, our plans as we continue to bring value around the world and grow TJX to a $40bn-plus company.”