TJX raises outlook

Discount retailer TJX Cos. raised its fiscal fourth-quarter outlook today citing strong profit margins in December and better-than-expected sales in November.

The company now expects earnings from continuing operations of 60 cents to 63 cents per share. In November, TJX forecast earnings of 58 cents to 60 cents per share.

Analysts, on average, are predicting a profit of 59 cents per share, according to a poll by Thomson Financial.

The company posted a 3 percent increase in its December same-store sales, slightly below the 3.3 percent growth analysts were expecting.

Carol Meyrowitz, president and chief executive, said the company managed inventories and controlled costs well during the month, which led to "very strong profit margins."

Shares rose 31 cents to $26.93 in morning trading. (AP)