Kohl's, Ross, TJX Cos. update guidance following strong December comps
Home & Textiles Today Staff -- Home Textiles Today, January 6, 2011
New York - December comp results that exceeded expectations compelled Kohl's, Ross Stores and TJX Cos. to raise their guidance for the fourth quarter and full year today.
Kohl's now expects earnings per share of $1.62 to $1.66 for the fourth quarter and $3.61 to $3.65 for fiscal 2010. Previous guidance was $1.58 to $1.66 for the fourth quarter and $3.57 to $3.65 for fiscal 2010.
Ross Stores now projects earnings per share of $1.32 to $1.34, for a forecasted increase of 14% to 16%, compared to $1.16 in last year's fourth quarter.
"Our merchants have been able to take advantage recently of a large amount of compelling close-out opportunities in the marketplace," explained Michael Balmuth, vice chairman and ceo of Ross. "As a result, today's guidance also reflects a projected timing benefit to distribution costs related to our expectation of higher pack-away inventory levels at the end of the fourth quarter."
TJX Companies now expects for fourth quarter diluted earnings per share on a reported basis to be in the range of 70 to 71 cents compared to prior guidance, adjusted for the closing of the A.J. Wright business, of 62 to 64 cents per share.
For its full year fiscal 2011, TJX now expects earnings per share in the range of $3.16 to $3.17, which costs related to closing A.J. Wright. This range is based upon estimated consolidated comparable store sales growth of approximately 3% to 4%, up from the prior guidance of 2% to 3%.
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