RTTNews | Aug 19, 2020 08:59AM EDT

08:58 Wednesday, August 19, 2020 (RTTNews.com) - TJX Companies Inc. (TJX) reported that its net loss for the second quarter was $214.22 million or $0.18 per share, compared to net income of $758.96 million or $0.62 per share in the previous year. On average, 27 analysts expected the company to report a loss of $0.10 per share for the second-quarter. Analysts' estimates typically exclude special items.

The company's latest-quarter results were negatively impacted by the temporary closure of its stores for nearly one third of the quarter due to the impact of the COVID-19 global pandemic.

In addition, the company's net loss per share included tax expense, which was primarily driven by a tax-loss carryback benefit recorded in the first quarter and reversed in the second quarter due to better than expected results.

Net sales for the second quarter of fiscal 2021 were $6.67 billion, down from $9.78 billion in the prior year. Analysts expect revenue of $6.57 billion for the second-quarter. Overall open-only comp store sales were down 3% compared to last year.

TJX does not expect to declare a dividend in the third quarter of Fiscal 2021 and has suspended its share buyback program.

For the third quarter, TJX expects overall open-only comp store sales to decrease in the range of 10 percent to 20 percent. This is in-line with the sales trends it has seen since the middle of July and through August month-to-date.

Due to uncertainty, the company said it is unable to provide meaningful further guidance and is not providing a financial outlook for fiscal 2021 at this time.

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