TJX posts 16 percent increase in Q1 comparable sales

The TJX Companies, Inc. net sales for the first quarter were 10.1 billion dollars, an increase of 129 percent compared to the same quarter in fiscal 2021, while net sales increased 9 percent versus the first quarter of fiscal 2020. Overall open-only comp store sales increased 16 percent. Net income for the quarter was 534 million dollars and diluted earnings per share were 44 cents.

Commenting on the first quarter trading, Ernie Herrman, chief executive officer and president of The TJX Companies, stated: “I am extremely pleased with our first quarter results, with overall open-only comp store sales up 16 percent and earnings per share of 44 cents, both well above our plan.”

The company’s consolidated pretax profit margin was 7.2 percent. The company declared a quarterly dividend of 26 cents and expects to declare a similar dividend in the second quarter of fiscal 2022.

In the second quarter of fiscal 2022, the company expects total sales, pretax margin, and earnings per share to be negatively impacted from the temporary store closings.