Six retailers raise guidance based on healthy March results

-- Home Textiles Today, 4/8/2010 9:59:00 AM

New York – 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 20  to 24 cents per share compared to original guidance for earnings to be in the range of 16 to 20 cents.Kohl’s Corp.: For the first quarter, earnings per share guidance is being raised from 48 to 52 per diluted share to a better 55 to 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 cents. For the second quarter ending July 31, earnings per share are projected to be 95 to 99 cents, 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 ending 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 than the current First Call median estimate of 74 cents.TJX Companies: For the first quarter, the raised guidance is 76 to 79 cents in earnings per share from continuing operations, representing an increase of 55% to 61% over 49 cents last year. TJX said this range is based upon a raised expectation for first quarter consolidated comp 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.