Here's why TJX shares are falling

Despite reporting rising sales, shares of the TJX Cos. fell 3.2% Tuesday after the discount retailer issued earnings estimates for the third quarter and fiscal 2017 that fall short of analysts' estimates.

The company, which operates T.J. Maxx, Marshalls and HomeGoods, now expects its third quarter earnings per share to be in the range of 83 cents to 85 cents. The guidance reflects "an assumption that wage" will increase, TJX said. Analysts polled by S&P Global Capital Intelligence estimated 87 cents.

For fiscal 2017, TJX expects to earn  $3.39 to $3.43 per share. That falls short of $3.49 estimated by analysts polled by S&P Global Capital Intelligence.

Shares of TJX fell $2.64 in Tuesday morning trading to $80.13.

In reporting its second quarter earnings, TJX said net sales for the 3-month period rose 7% to $7.9 billion. Same-store sales increased 4% from a year ago.

Net income hiked 2.3% to $562.2 million. Per-share earnings for the quarter amounted to 84 cents, higher than the 81 cents estimated by analysts polled by S&P Global Capital Intelligence.

“We are extremely pleased that our comp store sales growth was almost entirely driven by customer traffic," CEO Ernie Herrman said in a statement.

Sales for the Marmaxx division, which runs Marshalls and T.J. Maxx, climbed 6% to $5.1 billion. Same-store sales rose 4%.

Same-store sales at HomeGoods were 5% higher than a year ago.

Follow Paste BN media reporter Roger Yu on Twitter @ByRogerYu.