T.J. Maxx's parent company reported a second-quarter profit and sales results Tuesday that beat Wall Street expectations as shoppers keep flocking to its stores to grab name brands at deep discounts.

TJX Cos., which also operates HomeGoods and Marshalls among other stores, raised its profit guidance for the year but offered a third-quarter outlook that fell short of expectations. It cited wage increases for its workers and negative currency effects as factors depressing quarterly profits. Its shares fell more than 5 percent Tuesday.

Despite the underwhelming outlook, TJX has been one of the bright spots in retailing since the Great Recession. It continues to draw shoppers away from mall-based stores as it rapidly expands its footprint. It now has more than 3,600 stores, compared to more than 2,800 five years ago. The chain is also improving — offering increasingly current merchandise at big discounts. Now department stores like Macy's are now testing the off-price concept.

"We're convinced that we are attracting new customers, driving more frequent visits to our stores, and gaining market share," TJX Chief Executive Ernie L. Herrman told investors Tuesday.

TJX said net income came to $562.2 million, or 84 cents per share, in the quarter ended July 30. That compares with $549.3 million, or 80 cents per share a year earlier. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.

The retailer posted revenue of $7.88 billion in the period, also surpassing forecasts. Eight analysts surveyed by Zacks expected $7.87 billion.

TJX now expects full-year earnings to be $3.39 to $3.43 per share. It had previously expected $3.35 to $3.42 per share. Analysts had forecast $3.48, according to FactSet.

The company expects revenue at stores opened at least a year to rise 3 percent to 4 percent, from the previous estimate of 2 percent to 3 percent. But TJX said it expects earnings per share for the third quarter to be in the range of 83 cents to 85 cents. Analysts had expected 90 cents per share for the period, according to FactSet.

TJX shares had increased 17 percent since the beginning of the year, while the Standard & Poor's 500 index rose 7 percent. The stock had increased 17 percent in the last 12 months. But its shares fell $4.80 to $77.97 on Tuesday.

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Elements of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TJX at http://www.zacks.com/ap/TJX

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Keywords: TJX, Earnings Report