This Week in Business: TJX Cos., Walmart report earnings, July retail sales data

Last updated on Mon., August 14, 2023 | The Associated Press

RETAIL RECAP

The Commerce Department issues its July retail sales report on Tuesday morning.

In June, Americans increased their spending as inflation eased in many areas. Retail sales rose 0.2% from May to June, following a revised 0.5% increase the previous month. Shoppers increased spending at electronic stores and furniture and home furnishings stores after a recent pullback. Online sales also had a solid increase. Spending has been volatile this year after surging nearly 3% in January. Analysts forecast that spending rose 0.4% from June to July.

Retail sales, monthly percent change, seasonally adjusted:

Feb.: -0.7

March -0.9

April 0.4

May: 0.5

June: 0.2

July (est.): 0.4

Source: FactSet

TJX COS.

TJX reports its second-quarter earnings before markets open Wednesday.

Analysts forecast that the Massachusetts company earned 76 cents per share in the period on $12.4 billion in sales. In the same period a year ago, the operator of T.J. Maxx and Marshalls department stores beat analyst targets by posting 69 cents-per-share profit, even as its sales fell short of projections. Shares in TJX are up about 8% this year.

WALMART

Walmart reports its second-quarter financial results before the bell on Thursday.

Wall Street expects the nation's largest retailer to post earnings of $1.69 per share on sales of $159.8 billion. In the first quarter of 2023, Arkansas-based Walmart reported strong sales as its low prices continued to draw budget-conscious consumers dealing with stubbornly high inflation, particularly in groceries. That strong first-quarter performance led the company to raise its full-year sales and profit projections. Walmart shares are up more than 13% this year.

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