TJX raises guidance after 7% Q1 revenue bump
Photo/Grant Welker
TJX's Framingham headquarters
Framingham off-price apparel and home decor retailer TJX Cos. is raising its fiscal 2020 expectations after a strong first quarter with a 7% increase in net sales.
Profit was down slightly, from $716 million for the start of 2018 to $700.2 million for this year’s first quarter, but the $9.3 billion in revenue for the quarter was enough to boost expectations.
On a per-share basis, the company’s 57 cents-per-share mark beat estimates of 55 cents per share.
TJX raised its full-year earnings per share profit forecast range by a cent to $2.56 to $2.61.
Marmaxx, the division including TJ Maxx and Marshalls, contributed the most growth, rising 6% to $5.8 billion in the quarter from $5.38 billion for last year’s start.
“Once again this quarter, customer traffic was the primary driver of our consolidated comp increase and was up at each of our four major divisions,” President and CEO Ernie Herrman said in a statement. "This is a great indicator of the enduring appeal of our great values on an eclectic and exciting mix of merchandise and our treasure-hunt shopping experience, as well as the resiliency of our off-price retail model.”
The company’s earnings report did not touch on Chinese tariffs, which the company said earlier this month could force its trademark low prices to rise.
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