By  on May 22, 2018

Shares of The TJX Cos. Inc. rose 2.4 percent after the company posted first-quarter results and raised its full-year outlook.Net income for the three months ended May 5 rose 33.6 percent to $716.4 million, or $1.13 a diluted share, from $536.3 million, or 82 cents, a year ago.  On an adjusted basis, diluted EPS was 96 cents. Net sales climbed 11.7 percent to $8.69 billion from $7.78 billion. The company said consolidated comparable-store sales rose 3 percent for the quarter. The retailer also said gross profit margin for the quarter was 28.9 percent, down 0.1 percentage point from the year ago quarter.Wall Street was expecting adjusted EPS of $1.02 on sales of $8.47 billion.Ernie Herrman, president and chief executive officer, said, “Customer traffic was once again the primary driver of our comparable-store sales increases at each of our four large divisions. Based on our strong first quarter performance, we are updating our outlook for full-year earnings per share. 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.”Shares of TJX were trading at $86.73 at 10:08 a.m.The company said comps for Marmaxx rose 4 percent, while TJX comps were up 3 percent.  TJX Canada rose 3 percent, while TJX International, for Europe and Australia, increased 1 percent. The retailer’s HomeGoods division saw comps gain 2 percent.For the full fiscal year, TJX now expects diluted EPS in the range of $4.75 to $4.83. That compares with last year’s diluted EPS of $4.04. Adjusted diluted EPS is forecast at $4.04 to $4.10.  The retailer raised guidance at the high-end of adjusted EPS by 2 cents.For the second quarter of fiscal year 2019, the company is forecasting diluted EPS in the range of $1.02 to $1.04, with adjusted EPS between 87 cents to 89 cents. That compares with 85 cents in the same year ago quarter.During the first quarter the company opened 71 stores, and ended the quarter with a total of 4,141 stores. For More News of WWD:Marvin Ellison to Exit as CEO at JC Penney

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