TJX, Ross, JCP and Jo-Ann raise expectations

-- Home Textiles Today, 11/5/2009 2:11:00 PM

New York – Buoyed by improving sales trends and cost-management controls, four retailers boosted their profit expectations.

TJX Inc. said it now expects its third quarter earnings per share to come in at or slightly above its recently raised range of 77 cents to 79 cents.

Ross boosted its third quarter EPS projection to 83 cents to 84 cents, up from 75 cents to 77 cents.

JCPenney raised its third quarter guidance to EPS of 10 cents to 11 cents. Previous guidance called for per-share earnings of 3 cents to 10 cents.

Jo-Ann Stores now sees third quarter EPS coming in at 88 cents to 90 cents – more than double the 40 cents it produced in last year’s 3Q.

The company is also improved its previously announced expectations for the full fiscal year. It expects same-store sales up 2.3% to 2.7% for the year versus the previously announced range of approximately flat to up 1%; and earnings per diluted share in the range of $1.95 to $2.05 for the year (excluding any gains on debt purchases) versus the previously announced range of $1.35 to $1.50.

Each retailer will report its full quarterly results later this month.