Strong shopper traffic across its four divisions was cited as the key factor for a strong first quarter for The TJX Companies.
Net sales for the three months ended May 5 were up 12% to $8.7 billion with consolidated comparable store sales up 3%. Net income for the quarter was $716 million and adjusted earnings per share were $.96, up 17% over the previous year.
“Customer traffic was once again the primary driver of our comparable store sales increases at each of our four large divisions,” said Ernie Herrman, president and CEO of TJX. “We believe that the consistency of our customer traffic increases demonstrates the strength and resiliency of our business and our ability to succeed through many types of economic and retail environments.”
Comparable store sales for the quarter in the company’s Marmaxx division, which includes T.J. Maxx and Marshalls, were up 4%, while comparable sales at HomeGoods were up 2%.
Company officials now expect diluted earnings per share for its fiscal year to be in the range of $4.75 to $4.83, which represents an 18% to 20% increase over the prior year’s $4.04. The full-year guidance includes an expected benefit of approximately $.72 to $.73 per share due to items related to the 2017 Tax Cuts and Jobs Act, which is approximately $.02 lower than previous guidance of $.73 to $.75 per share.