TJX Companies (NYSE:TJX) stock is on the move Wednesday after releasing mixed results in its second-quarter earnings report for fiscal 2023.
For starters, the report includes diluted earnings per share (EPS) of 69 cents. That figure is better than the 67 cents per share Wall Street had expected. It’s also an increase from the 64 cents reported in the same period last year.
Unfortunately for TJX stock, though, revenue of $11.84 billion did not surpass the $12.05 billion analysts had hoped for. Investors should note that this figure also marks a drop from revenue of $12.08 billion in Q2 of last year.
TJX Updated Its 2023 Outlook
Another negative point in the most recent TJX Companies earnings report is the reduced outlook for fiscal 2023. TJX now expects adjusted EPS to range from $3.05 to $3.13. Previous guidance was for adjusted EPS of between $3.13 and $3.20.
President and CEO Ernie Herrman said the following in the earnings report.
“Looking ahead, while we are not immune to macro factors, we are convinced that the flexibility of our off-price business model and the value proposition we offer to a wide range of consumers will continue to serve us well, as we have seen throughout our 46-year history.”
TJX stock started off down in early morning trading today. However, the company’s shares are up 2% as of late Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
