TJX profit grew 5% in first quarter
Shares were down 4 percent Tuesday morning after the TJX Companies, Inc. reported steady sales of $7.8 billion in its first quarter and net income growth of just over 5 percent.
The Framingham-based off-price clothing retailer said it is gaining market shares in its four major divisions: HomeGoods, TJX Canada, TJX International, and Marmaxx, which includes T.J. Maxx, Marshalls, and Sierra Trading Post. The company added 50 stores overall in its first quarter, according to a Tuesday press release.
Net income for the quarter was $536 million, compared to $508 million in the first quarter 2016.
Total inventories as of April 29 were $3.7 billion, a slight drop from $3.9 billion the year before. TJX is in an excellent inventory position going into its second quarter, and has plenty of liquidity to take advantage of buying opportunities, according to the company.
WBJ Web Partners
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