TJX profit beats expectations, but revenue falls short

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TJX Cos. TJX,
+0.12%
stock rose 2.7% in Wednesday premarket trading after it reported fiscal first-quarter profit that beat expectations. The off-price retailer posted net income totaling $587.5 million, or 49 cents per share, up from $533.9 million, or 26 cents per share, last year. Adjusted EPS of 68 cents beat the FactSet consensus for 60 cents. Sales of $11.406 billion were up from $10.087 billion last year and below the FactSet consensus for $11.586 billion. The company reported flat US same-store sales with Marmaxx up 3% and the HomeGoods division down 7%. TJX banners include HomeGoods, TJ Maxx and Marshalls. Marmaxx’s same-store sales increase was driven by customer traffic, Chief Executive Ernie Herrman said in a statement. For the second quarter, TJX is guiding for a US same-store sales decline of 1% to 3% and EPS of 65 cents to 69 cents. The FactSet consensus is for EPS of 75 cents. For the full fiscal year, the company is guiding for US same-store sales growth of 1% to 2%, EPS in the range of $2.94 to $3.01 and adjusted EPS in the range of $3.13 to $3.20. The FactSet consensus is for EPS of $3.16. TJX stock is down 26% for the year to date while the S&P 500 index SPX,
+2.02%
is down 14.2% for the period.

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Credit: www.marketwatch.com /

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