TJX profit down 57% on credit-card theft loss reserve

TJX Cos.' (:TJX

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financial second-quarter net income drop 57%, owed to a complaint of $118 million related to to the larceny of credit-card information from a Marshall's store, of which $11 million was for costs incurred in the one-fourth and $107 million was a modesty for its exposure to possible losses.

The Framingham, Mass., off-price retailer had second-quarter earnings of $59 million, or 13 cents a share, compared with $138.2 million, or 29 cents a share, a twelvemonth earlier.

Excluding the complaint for the computing machine intrusions, the company earned 38 cents a share.

TJX said gross for the one-fourth ended July 28 rose 8.8% to $4.31 billion from $3.96 billion a twelvemonth ago.

Analysts surveyed by Virgil Thomson Financial expected, on average, net income of 37 cents a share on gross of $4.33 billion. Analyst net income prognoses typically except unusual items.

In addition, TJX said it anticipates third-quarter earnings from continuing trading operations of 53 cents to 55 cents a share, and same-store sales growing of 3% to 4%.

The company also calculate financial 2008 net income from continuing trading operations of $1.57 to $1.61 a share, or $1.84 to $1.88 a share excluding complaints related to the larceny of credit-card data, and same-store sales growing of 3% to 4%.

TJX shares were up $1.31, or 4.7%, astatine $28.97 in pre-market trading on Nasdaq.

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