TJX Cos. Inc. said Tuesday that first-quarter income increased almost 20 percent as shoppers squeezed by rising gas and food costs and tight credit hunted for lower-priced items.
For the three months ended April 26, income jumped 19.6 percent to $193.8 million, or 11 cents a diluted share, from $162.1 million, or 9 cents, in the same year-ago quarter. The results included a benefit of $12 million, or 2 cents a share, for certain unanticipated tax-related adjustments, compared with the previous year's quarter, which had an aftertax charge of $12 million, or 3 cents a share, in connection with a computer data breach. Sales were up 6.2 percent to $4.36 billion from $4.11 billion on a same-store sales gain of 3 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"