Investing
TJX sees weak annual profit as costs bite
© Reuters. FILE PHOTO: A T.J. Maxx store which is owned by TJX Cos Inc in Pasadena, California U.S., May 15, 2017. REUTERS/Mario Anzuoni
(Reuters) -TJX Cos Inc forecast annual profit below Wall Street expectations on Wednesday, as the off-price retailer’s margins take a hit from persisting supply chain costs and inflationary pressures.
TJX (NYSE:), which has been battling higher freight and labor costs due to persistent global supply chain disruptions, the Russia-Ukraine war and surging inflation, had selectively increased prices from fiscal 2022 on some products.
Shares of the HomeGoods owner rose marginally in premarket trading after the company posted better-than-expected fourth-quarter revenue.
The discount store operator now expects full-year 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’s net sales rose to $14.52 billion from $13.85 billion in the fourth quarter, beating analysts’ estimates of $14.07 billion.
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