Sales push TJX earnings 'well above' plan
Framingham-based TJX Cos. said strong customer traffic in the first quarter of its new fiscal year led to an 8-percent jump in profits, to $475 million, or 69 cents per share, over the same quarter last year.
The parent company of off-price retailers T.J. Maxx, Marshalls and HomeGoods said net sales for the quarter, which ended May 2, rose 6 percent to $6.9 billion, and consolidated comparable store sales rose 5 percent.
TJX also raised its expectations for the rest of the fiscal cycle, which will end Jan. 30, 2016. It now expects earnings per share in the range of $3.21 to $3.27; it had previously projected $3.17 to $3.25.
TJX released its numbers about an hour before U.S. stock markets opened Tuesday morning. In early trading, its stock, which trades on the New York Stock Exchange, was up about 4 percent.
“We are extremely pleased with our continued momentum and first quarter performance,” CEO Carol Meyrowitz said. “Our 5 percent consolidated comparable store sales growth and 8 percent increase in earnings per share were both well above our plan.” She credited the results to an affordable mix of apparel and home fashions that “continue to resonate with shoppers across all of our geographies.”
She added: “We were very pleased that we achieved these strong results despite significant foreign currency headwinds and while simultaneously investing in our business to support our growth goals."
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