TJX Cos Inc raised its annual profit forecast on Wednesday, banking on lower costs and resilient demand from inflation-hit consumers switching to discount retailers.

The discount store operator now expects 2024 adjusted profit per share to be between $3.39 and $3.48, compared with its previous range of $3.29 to $3.41.

(Reporting by Granth Vanaik in Bengaluru; Editing by Devika Syamnath)