TJX Sales Up 7% In Q1

TJX Cos., the Framingham-based parent company of off-price retailers T.J. Maxx, Marshalls and HomeGoods, said earnings per share rose 13 percent in the quarter that began its new fiscal year.

For the period, which ended May 4, net income was $453 million, or 62 cents per share, up from $419 million, or 55 cents, a year prior.

Net sales for the quarter were up 7 percent, to $6.2 billion, while same-store sales rose 2 percent.

CEO Carol Meyrowitz said the company is happy with the results, especially as they were an improvement over the company's highest year-over-year growth last year.

Same-store sales were up 2 percent over an 8-percent increase last year and earnings per share rose 13 percent over last year's 41-percent increase, the company said.

"We believe the flexibility of our business model allowed us to achieve this growth, despite the unfavorable weather patterns across most of our regions for much of the quarter," Meyrowitz said.

For the second quarter, TJX said it expects earnings per share to land between 61 cents and 63 cents, up from last year's 56 cents. The estimate is based on expected same-store sales growth of 2 percent to 3 percent.

For the full year, ending Feb. 1, TJX said earnings per share are expected to be $2.70 to $2.78, compared with $2.55 in its 2013 fiscal year, based on estimated same-store sales growth of 1 to 2 percent.

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