May 18, 2010
TJX Profit Up 63% In Q1
By Matthew L. Brown
Discount retailer TJX Cos. Inc. raked in $331 million in profits during the first quarter, a 63 percent increase over the prior year, the company said.
Sales for the Framingham-based company were also up. Net sales increased 15 percent to $5 billion and same-store sales increased 9 percent over the prior year.
The company said customer traffic continues to increase and customers themselves "remain focused on value" while the economy is weak.
Earnings per share for the second quarter are expected to be between $0.67 and $0.72, an increase of between 10 percent and 18 percent over the second quarter of 2009.
The company expects a similar full year earnings increase.
TJX operates T.J. Maxx, HomeGoods, Marshalls and other discount retailers.
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