TJX Companies posts sales and earnings growth

The TJX Companies net sales for the first quarter were 12.5 billion dollars, an increase of 6 percent, while comparable store sales increased 3 percent.

Net income for the quarter was 1.1 billion dollars and diluted earnings per share were 93 cents, up 22 percent versus the first quarter of fiscal 2024.

Commenting on the first quarter trading, Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., stated in a statement: “Overall comp store sales increased 3 percent, at the high-end of our plan, and both profitability and earnings per share were well above our expectations. The second quarter is off to a good start and we see numerous opportunities for our business for the balance of the year that we plan to pursue.”

The company’s pretax profit margin was 11.1 percent, up 0.8 percentage points and gross profit margin was 30 percent, a 1.1 percentage point increase versus the same quarter last year.

For the second quarter, the company expects comparable store sales to be up between 2 percent to 3 percent, pretax profit margin to be in the range of 10.4 percent to 10.5 percent, and diluted earnings per share to be in the range of 88 cents to 90 cents.

For the full year, the company continues to expect comparable store sales to increase in the range of 2 percent to 3 percent. The company is increasing its outlook for pretax profit margin and diluted earnings per share, which are not expected to be in the range of 11 percent to 11.1 percent and 4.03 dollars to 4.09 dollars, respectively.

During the first quarter, the company increased its store count by 18 stores overall to a total of 4,972 stores.