12:49 PM EDT, 08/21/2024 (MT Newswires) -- TJX Companies ( TJX ) reported stronger-than-expected fiscal second-quarter results on Wednesday while the discount retailer raised the full-year guidance for earnings amid consumer demand.

Revenue rose to $13.47 billion for the three months ended Aug. 3 from $12.76 billion a year ago and topped the $13.32 billion average analyst estimate on Capital IQ. GAAP EPS advanced to $0.96 from $0.85 year over year and beat the market view's $0.92. Shares of TJX gained 6% in midday trade.

Comparable sales were up 4%, above the Capital IQ-polled consensus of 2.8%. In the company's largest segment, Marmaxx, which includes TJ Maxx, Marshalls and Sierra stores, US comparable sales climbed 5%. They were up 2% at both HomeGoods US and TJX Canada and rose 1% at TJX International.

"Our overall comp sales growth was entirely driven by customer transactions, which increased at every division," Chief Executive Ernie Herrman said in a statement. "With our strong second quarter results, we are raising our full-year guidance for both pretax profit margin and earnings per share."

The company now expects fiscal 2025 EPS in the $4.09 to $4.13 range, compared with the $4.03 to $4.09 guidance range it provided in May.

The retailer expects comparable store sales to rise 3% this year, compared with a prior range of 2% to 3%. It forecasts pretax profit margin of about 11.2%, above its previous 11% to 11.1% range. The company believes consumers will "keep seeking value," Herrman told analysts on a conference call, according to a Capital IQ transcript.

For the third quarter, TJX sees comparable store sales up 2% to 3% and EPS between $1.06 and $1.08. The Wall Street view is for comparable sales growth of 2.5%.

"The third quarter is off to a strong start," Herrman said in the statement. "We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons."

Price: 120.09, Change: +6.78, Percent Change: +5.98