• TJX Cos. raised its full-year guidance for the third time this year and said it expects a robust holiday shopping season.
• The off-price giant, which runs HomeGoods and Marshalls, posted quarterly results that beat Wall Street's estimates.
• TJX is taking share from competitors as inflation-weary consumers hunt for a deal.

TJX Cos. on Wednesday raised its full-year guidance and said it expects a strong holiday season after inflation-weary consumers drove another quarter of sales gains. 

The off-price giant, which runs T.J. Maxx, Marshall's and HomeGoods, beat Wall Street's estimates on the top and bottom lines and topped expectations for comparable sales. 

Here's how TJX Companies did during its fiscal third quarter ended Oct. 28, compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:

• Earnings per share: $1.03 vs. 99 cents expected
• Revenue: $13.27 billion vs. $13.09 billion expected

The company reported net income of $1.19 billion, or $1.03 per share, for the quarter, compared with $1.06 billion, or 91 cents a share, a year earlier. Sales rose to $13.27 billion, up about 9% from $12.17 billion a year earlier. 

For the third time this year, TJX Cos. raised its full-year guidance. It now expects comparable store sales to rise 4% to 5%, compared with previous guidance of up 3% to 4%, which is the range analysts had expected before quarterly results were announced, according to StreetAccount.

TJX now anticipates earnings per share will be in the range of $3.71 to $3.74, compared with a previous range of $3.66 to $3.72. The raised profit guidance is in line with the $3.73 earnings per share that analysts had expected, according to LSEG. 

During the quarter, comparable store sales climbed 7% at Marmaxx, or the combination of T.J. Maxx and Marshall's, and 9% at HomeGoods, both better than analysts had expected, according to StreetAccount. Analysts had expected comparable sales to be up 4% at Marmaxx and up 6% at HomeGoods.

Overall, comparable store sales rose 6%.

The company's shares fell more than 3% on Wednesday despite the earnings beat. The stock is up more than 12% year to date.

TJX has been cruising through its fiscal year as it lapped up the benefits of being an off-price retailer during a tough macroeconomic period. 

The company has been able to entice shoppers with a wide array of premium, branded merchandise because so many of its suppliers had high inventories over the last year and relied on TJX to help clear that glut. Its low-price assortment has also brought in deal-hungry customers who are choosing TJX over companies like Macy's and Target to save money as persistent inflation weighs on their bank accounts. 

Both Macy's and Target, as well as other industry peers, have consistently reported soft sales in their apparel and home goods categories. But the opposite has been true at TJX. During the quarter, apparel sales "remained very strong" while home goods sales were "outstanding," CEO Ernie Herrman said in a news release.  

"Across our geographies and wide customer demographic, our values and exciting, treasure-hunt shopping experience continued to resonate with consumers," the chief executive said. 

Target also reported earnings Wednesday and easily beat Wall Street's profit estimates. But the better-than-expected report came from improvements in its bottom line, as sales again fell year over year.

The holiday shopping season is just getting started, but TJX is already expecting it to be a successful one, Herrman said.

"The fourth quarter is off to a strong start, and we are pursuing the plentiful deals we are seeing for great brands and great fashions in the marketplace," said Herrman. "We are strongly positioned as a shopping destination for gifts this holiday selling season and are convinced that our values and fresh shipments to our stores and online throughout the season will be a major draw again this year." 

In comparison, Target CEO Brian Cornell said it was too early to weigh in on early holiday sales, saying only it was "watching the trends carefully."

Read the full earnings release here.

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