Off-price giant The TJX Cos. Inc. continued to scoop up market share in the first quarter.
The company’s sales rose 6.8 percent to $9.28 billion as comparable sales increased 5 percent.
Net income for the quarter ended May 4 slid 2.3 percent to $700.2 million, but earnings per share rose to 57 cents from 56 cents on account of share buybacks.
Ernie Herrman, chief executive officer and president of TJX, said the Marmaxx division, which includes T.J. Maxx and Marshalls, saw comps rose 6 percent with a “very strong performance” in both the apparel and home categories.
“Once again this quarter, customer traffic was the primary driver of our consolidated comp increase,” Herrman said. “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.”
The ceo said the company is “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.”