TJX Q1 results fail to meet expectations

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Earnings improved for Framingham-based TJX Cos. in its first quarter, but revenue growth was weaker than expected.

Net sales for the period ending May 3 rose 5 percent, from $6.19 to $6.49 billion, but fell well short of analyst expectations of $6.6 billion. The parent company of discount clothing and home good retailers T.X. Maxx, Marshalls and Home Goods said it was hurt by foreign currency exchange rates.

“While sales were not as strong as we would have liked, predominantly in our apparel business, I was very pleased that overall business trends improved as the quarter progressed,” CEO Carol Meyrowitz said in a statement. “Further, our inventories and expenses were well managed, which helped protect our margins.”

Net income inched up from $452.9 million, or 62 cents per share, last year to $454.3 million, or 64 cents per share, this year. Analysts were expecting earnings of 67 cents per share.

Meanwhile, the company forecast second-quarter earnings between 70 and 74 cents per share, above last year’s 66 cents but at the lower end of analyst expectations of 74 cents. TJX also reduced the upper end of its full-year earnings outlook by two cents and is now predicting between $3.05 and $3.17 per share.

Shares of TJX stock fell more than 5 percent after the results were announced early Tuesday, dropping from $58.40 to $55.09.