TJX raises Q1 profit by 42%
Photo | Grant Welker
TJX is headquartered in Framingham.
Framingham retailer TJX Cos. raised its first-quarter profit nearly 42 percent over the same period last year.
The off-price retailer continues to buck the trend of declining sales, reporting a 12-percent increase in net sales, bringing its first quarter revenue to $8.7 billion.
The company's profit of $716.4 million was just under a 42-percent increase of the $536.3 million mark the company reported for last year's first quarter.
The company’s first-quarter performance raises diluted earnings per share by 17 percent to $1.13 for the quarter.
The company opened an additional 71 stores over the first quarter, bringing the total number to 4,141 and increasing the company’s square footage by 5 percent to 113.1 million.
Each of the company’s segments improved over last year’s first quarter.
Based on the strong quarter, the company is updating it’s full-year outlook, President and CEO Ernie Herrman said in the earnings release.
“Looking ahead, the second quarter is off to a strong start and we see plentiful opportunities to capitalize on the exciting fashions and brands available to us in the marketplace,” Herrman said.
For the fiscal year ending February, the company expects diluted earnings per share to be between $4.75 and $4.83, an 18-to-20-percent increase over last year’s mark of $4.04.
The company last week announced it was laying off 300 IT workers as it moved to outsource some services to a third-party provider.
In a disclosure last month, the company reported Herrman’s fiscal 2018 compensation of $16.9 million was just over 1,500 times higher than that of the company’s median employee, a part-time hourly store associate who made $11,243 per year.
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