TJX Companies (NYSE:TJX) saw its shares pick up after the retailer reported a revenue miss before the market open. First-quarter revenue came in at $11.78 billion, less than the $11.82 billion expected from analysts polled by Refinitiv. TJX also guided for second-quarter earnings per share of 72 cents to 75 cents, versus the 79 cents anticipated by analysts. Full-year guidance also fell short of estimates, even as first-quarter EPS topped estimates.
Net sales for the first quarter of Fiscal 2024 were $11.8 billion, an increase of 3% versus the first quarter of Fiscal 2023. Overall comp store sales increased 3%. Net income for the first quarter of Fiscal 2024 was $891 million and diluted earnings per share were $.76, up 55% versus $.49 in the first quarter of Fiscal 2023. First quarter Fiscal 2024 diluted earnings per share were up 12% versus last year’s first quarter adjusted diluted earnings per share of $.68, which excluded a $.19 charge related to a write-down of the Company’s minority investment in Familia.
CEO Ernie Herrman said, “I am very pleased with our first quarter performance. Our pretax profit margin and earnings per share both significantly exceeded our plan and our 3% comparable store sales increase was at the high end of our plan. Our comp sales growth was driven by an increase in overall customer traffic and a 5% comp sales increase at Marmaxx, our largest division. HomeGoods’ comp sales were down following extraordinary growth during the pandemic.”
TJX shares prospered $1.94, or 2.5%, to $80.15.
