Why Is TJX (TJX) Down 10.1% Since Last Earnings Report?

TJX shares dropped 10.1% following second-quarter fiscal 2027 earnings despite beating analyst expectations and raising full-year guidance. The off-price retailer posted adjusted earnings per share of $1.22, topping the $1.18 consensus estimate, while sales climbed 5% to $15.18 billion. The stock underperformed the S&P 500 in the period following the report.

The company announced plans to accelerate store expansion to 4% annual growth starting in fiscal 2028, targeting 7,500 total locations. Despite the operational momentum and upward guidance revision, analyst earnings estimates have trended downward since the August report, according to Zacks Investment Research.

The disconnect between solid quarterly execution and post-earnings price action suggests investors may be pricing in margin pressure or questioning the sustainability of comp-store growth as the company pursues aggressive square-footage expansion.