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TJX raises full-year earnings forecast

Associated Press Published: November 13, 2012

FRAMINGHAM, Mass. (AP) — TJX, parent company of TJ Maxx and Marshalls clothing stores, reported third-quarter revenue that topped analysts' expectations and raised its full-year earnings forecast on Tuesday.

But the discount retailer's earnings outlook for the fourth quarter, which includes the critical holiday period, and the full year are still below Wall Street's view.

TJX Cos. shares rose 71 cents, or 1.7 percent, to $41.68 in morning trading.

The Framingham, Mass.-based company, which also runs HomeGoods and other stores, reported net income of $461.6 million, or 62 cents per share, for the quarter ended Oct. 27. That was up 14 percent from earnings of $406.5 million, or 53 cents per share, a year ago.

The latest earnings matched expectations of analysts surveyed by FactSet.

Revenue climbed 11 percent to $6.41 billion from $5.79 billion. Analysts forecast $6.36 billion.

Revenue at stores open at least a year, a key gauge of a retailer's health, rose 7 percent in the quarter. This metric excludes results from stores recently opened or closed.

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