May 20 (Reuters) – TJX raised its annual comparable sales and profit forecasts on Wednesday, banking on resilient demand at its off-price retail stores as budget-conscious consumers increasingly shop for deals amid economic uncertainties.
Shares of the Framingham, Massachusetts-based company rose 3.6% in premarket trading after it also raised its share buyback target to a range of $2.75 billion to $3.0 billion, from $2.50 billion to $2.75 billion earlier.
However, the discount retailer joined other companies in flagging an impact on its profits from elevated fuel costs over the past few months due to the Iran war.
The TJ Maxx-parent expects comparable store sales to grow between 3% and 4% in fiscal 2027, compared with its prior forecast of between 2% and 3% growth.
It also expects annual earnings per share to be between $5.08 and $5.15, compared with its previous forecast of $4.93 to $5.02.
(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Leroy Leo)
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