TJX Revenues, Earnings Top Expectations
The TJX Companies reported a stellar 58-percent jump in net earnings on an 11-percent rise in revenue for the first quarter of its fiscal 2013 cycle, the Framingham-based clothing retailer reported today.
TJX reported sales of just under $5.8 billion, exceeding analysts' expectations by about $100 million. It also reported earnings per share of 55 cents, topping expectations by a penny.
The company, which owns such retail brands as TJ Maxx, HomeGoods and Marshalls, said it earned $419 million in profit for the quarter, which ended April 28. That was up from $266 million in the same quarter last year.
TJX cited growth across the board, with businesses in the U.S., Canada and Europe all reporting strong results. "We saw significant increases in customer traffic across all divisions," said CEO Carol Meyrowitz. "We are convinced that we will continue to grow our customer base with compelling values, more powerful marketing and upgraded shopping experience."
The company said it expects continued growth in the second quarter with earnings per share to increase from between 4 and 11 percent year over year.
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