TJX enjoyed a strong first quarter performance, highlighted by a solid comparable store sales increase above the company’s expectations.
For the first quarter ended May 4, TJX posted net income of $700.2 million, or 57 cents per diluted share, versus $716.4 million, or 56 cents per diluted share, in the period a year earlier. Earnings per diluted share topped a MarketBeat-published analyst consensus estimate of 55 cents.
Consolidated comparable store sales increased 5%. Comps at the Marmaxx division, including T.J. Maxx and Marshalls, increased 6% while those at HomeGoods increased 1%, those at TJX Canada were flat and those at TJX International increased 8%.
Net sales for the quarter advanced 7% from the year-before quarter to $9.28 billion.
TJX president and CEO Ernie Herrman, said, “We are very pleased with our continued strong performance in the first quarter, as both our consolidated comparable store sales increase of 5% and earnings per share of 57 cents came in well above our expectations. It is terrific to see the continued strength of our largest division, Marmaxx, with an outstanding 6% comp increase. Further, Marmaxx’s apparel and home categories were both very strong. Once again this quarter, customer traffic was the primary driver of our consolidated comp increase and was up at each of our four major divisions. We believe this is a great indicator of the enduring appeal of our great values on an eclectic and exciting mix of merchandise and our treasure-hunt shopping experience, as well as the resiliency of our off-price retail model. With our above-plan first quarter results, we are raising our full-year earnings per share outlook. We are in an excellent position to take advantage of the abundant buying opportunities we are seeing in the marketplace for quality, branded merchandise and to keep flowing fresh, exciting assortments to our stores and online. We have many initiatives underway to keep driving sales and customer traffic, and feel great about our ability to continue gaining market share around the world.”