Macy's, Target, TJX boost their guidance
Retail Editor 2 -- Home Textiles Today, April 6, 2012
New York - Macy's, Target and TJX Cos. each updated their guidance for the coming quarter and fiscal year upon reporting better-than-expected sales and comps results in March yesterday.
Macy's said same-store sales in the first quarter are expected to be rise 4.3% to 4.5%, up from the company's previous guidance of a 3% to 3.5% increase.
Target's March sales came in above plan, prompted the retailer to revise its comp forecast for the first quarter. Same-store sales are now expected to increase 5% to 6.
In addition, Target raised its guidance for first quarter earnings per share of $1.04 to $1.10, compared with prior guidance of 97 cents to $1.07.
TJX Cos boosted its outlook for first quarter EPS to 51-52 cents. It had previously expected a range of 45-47 cents. Full year fiscal year earnings per share are now envisioned to range between $2.25-$2.35.
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