The net sales for the second quarter of FY 2010 came in at $4.7 billion, up 4% year-over-year. Consolidated comparable store sales were also up 4% over last year's mark. Net Income from continuing operations was $262 million and the diluted earnings per share from continuing operations was up 27%, up to $0.61 from $0.48.
Net sales for the first six months of the FY2010 jumped 3% year-over-year to $9.1 billion. Net income for the same time period from continuing operations was $471 million and up to $1.09 from $0.92 for diluted earnings per share from continuing operations.
"Our strong second quarter results were achieved on top of three years of very strong performance," says Carol Meyrowitz, president and CEO of TJX in a statement. "We saw strength across the board, with virtually all of our divisions either meeting or exceeding our second-quarter targets. As we enter the back half of the year, we will continue to plan prudently, but believe we have tremendous opportunities to build upon our strong first half…"
A combination of T.J. Maxx and Marshalls netted sales of $3.15 billion for FY2010, up from $2.96 billion the previous fiscal year. The HomeGoods and A.J. Wright brands did not perform as well, but still earned over last year's numbers coming in with net sales of $413 million and $350 million, respectively. The company runs 882 T.J. Maxx stores, 811 Marshalls, 323 HomeGoods and 141 A.J. Wrighte stores, among its Winners, HomeSesnse, Stylesesne and T.K. Maxx brands throughout Canada and Europe.
As far as a third quarter outlook, the company is expecting earnings per share from continuing operations between $0.62 and $0.68, up roughly 10 cents from the year prior. This estimate was arrived at by looking at the consolidated comparable store sales growth of approximately 2% to 4%
Recent retail trends have been proving a broader case for discount and off-market stores' popularity. Nordstrom's is expanding it's Rack brand, while Kohl's is looking for expansion opportunities, as well.
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