FRAMINGHAM, MASS. – TJX Cos. is raising its expectations after a strong first quarter and continued momentum early in the second quarter.
For the quarter ended May 2, total net sales increased 9% to $14.3 billion, with consolidated comp up 6% – well above the company’s plan. Each retail segment generated growth during the quarter:
- HomeGoods: Sales up 11% to $2.5 billion, with comp up 9%.
- Marmaxx (U.S. TJMaxx and Marshalls stores): Sales up 7% to $8.7 billion, with comp up 6%.
- TJX Canada: Sales up 12% to $1.3 billion, with comp up 7%
- TJX International (Europe and Australia) : Sales up 13% to $1.9 billion, with comp up 4%
Net income for the first quarter was $1.3 billion and diluted earnings per share outpaced expectations, coming in at $1.19, up 29% compared to last year’s first quarter.
“The second quarter is off to a good start, and we are excited about the initiatives we have planned to keep driving sales and attract consumers to our retail banners,” said Ernie Herrman, CEO and president.
For the full fiscal year, the TJX Cos. is raising its consolidated comparable sales outlook to be up 3% to 4%. The company also boosted its diluted earnings per share outlook to be in the range of $5.08 to $5.15.
