(Reuters) -TJX Cos raised its annual sales and profit forecasts on Wednesday, boosted by steady demand from budget-conscious customers looking for promotional deals and bargains ahead of the crucial holiday shopping season.
Discount and off-price retailers including TJX (NYSE:TJX) and Ross Stores (NASDAQ:ROST) have been benefiting from customers shifting to cheaper alternatives, as higher prices of essentials and interest rates squeeze household budgets.
Analysts believe that TJX, which offers discounts on a wide assortment of products in the range of 20%-60%, is well positioned going into the crucial shopping season, where holiday sales are expected to rise this year at the slowest pace in five years.
The discount store operator now expects full-year 2024 comparable store sales to be up 4% to 5%, from its earlier forecast of 3% to 4%.
TJX now expects full-year 2024 adjusted earnings in the range of $3.61 and $3.64 per share, compared to its previous forecast of $3.56 to $3.62 per share.
