• Cecile Corral

Six Retailers Raise Guidance on March Results

Buoyed by better-than-expected sales and comp growth in March, several key retailers raised their guidance for the coming quarter, and in some cases for the year.

Here is a listing of these retailers and their revised expectations:

J.C. Penney Company: For the first quarter, comparable store sales are projected to increase approximately 2% compared to original guidance of flat to slightly positive, and total sales are also expected to increase by 2%. First quarter earnings are expected to be in the range of $0.20 to $0.24 per share compared to original guidance for earnings to be in the range of $0.16 to $0.20.Kohl’s Corp.: For the first quarter, earnings per share guidance is being raised from $0.48 to $0.52 per diluted share to a better $0.55 to $0.57 per diluted share.Macy’s Inc.: The company expects same-store sales in April to be about flat to last year, which would generate a same-store sales increase of approximately 5% for the first quarter.Ross Stores: Same store sales are now expected to grow 5% to 6% in April and 3% to 4% in the second quarter. Earnings per share for the 13 weeks ending May 1 are forecasted to be $1.14 to $1.16, up from prior guidance of $.92 to $.95. For the second quarter ending July 31, earnings per share are projected to be $.95 to $.99, up 16% to 21% from the prior year, versus the earlier projection for a low double-digit percentage gain. Additionally, for the full fiscal year ended Jan. 29, 2011, Ross is forecasting earnings per share of $4.09 to $4.24, up 16% to 20% over last year, compared to prior projections of $3.80 to $3.95.Target Corp.: For the first quarter, Target expects earnings per share to exceed by 10 cents or more the current First Call median estimate of 74 cents.TJX Companies: For the first quarter, the raised guidance is $0.76 to $0.79 in earnings per share from continuing operations, representing an increase of 55% to 61% over $0.49 last year. TJX said this range is based upon a raised expectation for first quarter consolidated comparable store sales growth of 8% to 9%. The company also raised its guidance for fiscal 2011, with earnings per share from continuing operations to the range of $3.17 to $3.31, up 12% to 17% over $2.84 in fiscal 2010.

Cecile CorralCecile Corral | Senior Product Editor, Home & Textiles Today
ccorral@homeandtextilestoday.com

Cecile B. Corral has been a product editor with Home Textiles Today since late 2000. She covers the area and accent rug, kitchen textiles, table linens, beach towels, decorative bath and decorative pillow categories, as well as some retail subjects.

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