TJX Cos. Shares Rise After Results Beat Expectations, Raises Full-year Outlook

TJX Cos. shares rose 4.4% in premarket trading Tuesday, after the off-price retail company reported fiscal first-quarter results that beat expectations and raised its full-year outlook. TJX, whose brands include T.J. Maxx and HomeGoods, said it had net income of $508.3 million, or 76 cents per share, up from $474.6 million, or 69 cents per share, for the same period last year. The FactSet consensus was 71 cents per share. Sales for the quarter totaled $7.5 billion, up from $6.9 billion last year and exceeded the FactSet consensus of $7.3 billion. Same-store sales were up 7%, above the 3.2% FactSet consensus. TJX said it expects second quarter earnings per share between 77 cents and 79 cents, down from 80 cents last year, and below the FactSet consensus of 83 cents. The outlook reflects a 3% negative impact from wage increases and the impact of foreign exchange, TJX said. The company raised its full-year earnings per share guidance to between $3.35 and $3.42 from $3.29 to $3.38, but below the FactSet consensus of $3.46. TJX shares are up 14% for the past year, while the S&P 500 is down 2.6% for the same period.