April Kind To TJX Q1 Results

For the 13-week period ended May 4, TJX Cos., Inc. announced that consolidated comparable store sales increased 2% over last year’s period. Overall sales reached $6.2 billion, a 7% increase over the 13-week period ended April 28.

Overall sales for April, 2013 reached $2 billion, up 9% over the month ended April 28, 2012. April consolidated comps increased 8% year over year.

In a conference call, a TJX spokesperson said comparable store sales at the company’s Marmaxx Group, including the T.J. Maxx and Marshalls chains in the United States, gained 1% for the quarter and 7% in April. By category, Marmaxx enjoyed  a 7% comp advance in apparel and a 10% comp gain in home product segments. In the meantime, Home Goods experienced a 12% comp gain in April and a 7% increase in the quarter.

“It is exciting to see Home Goods excellent performance and momentum continue,” the spokesperson said during the pre-recorded call.

Outside the U.S., TJX Canada experienced a 3% comp gain in April but a 1% decrease in a weather-challenged quarter, the retailer said. TJX Europe comps increased 9% in April and 4% in the quarter.

In commenting on the financial results, Carol Meyrowitz, TJX CEO, Inc., stated, “We are pleased with our 8% consolidated comparable store sales increase in April, which was at the high end of our expectations. Both in April and the first quarter, our consolidated comp sales increases were achieved over strong growth last year. Customer traffic drove comp increases at all divisions, as consumers responded to our extremely fresh selections of branded spring apparel. With strong sales and margins, we are further narrowing our first quarter earnings per share expected range to 61 cents to 62 cents. This would represent a very solid increase over last year’s first quarter, which had the highest EPS growth of that year. As we enter the second quarter, May is off to a strong start and our inventory levels are in an excellent position for us to buy into the enormous amount of quality opportunities we are seeing in the marketplace.”


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