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TJX Cos. Sees Q1 Profits Rise 57.6%

The off-price chain said May is off to a strong start and that the retailer began the “second quarter in an excellent inventory position.”

The TJX Cos. Inc. said today that sales and profits both rose for the first quarter, building on momentum from the fourth quarter.

For the three months ended April 28, income rose 57.6 percent to $419.2 million, or 55 cents a diluted share, from $265.9 million, or 34 cents, a year ago. Sales increased 11.1 percent to $5.8 billion from $5.22 billion, while consolidated comparable-store sales rose 8 percent. Comps for the TJ Maxx and Marshalls nameplates were up 8 percent. Other divisions included in the consolidated comps result are HomeGoods in the U.S. and the international operations of TJX Canada and TJX Europe.

Carol Meyrowitz, chief executive officer, said, “We are extremely pleased that our strong momentum continued in the first quarter.…We are particularly pleased that our performance was so strong across the board, with our U.S., Canadian and European businesses all delivering outstanding results. We saw significant increases in customer traffic across all divisions in the first quarter over last year, which we believe points to the strength of our values and our brand content.”

The ceo added that “May is off to a strong start” and that the chain began the “second quarter in an excellent inventory position to buy into current opportunities in the marketplace.”

For the second quarter, the firm said it expects diluted earnings per share in the range of 47 cents to 50 cents. For the full year ending Feb. 2, it provided guidance of diluted EPS at between $2.27 to $2.37.