TJX Cos. Q1 sales $8.7 bln, up 12%; FactSet consensus $8.5 bln

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TJX Cos. shares jump 1.5% premarket as first-quarter sales blow past estimates

TJX Cos. Inc. shares rose 1.5% in premarket trade Tuesday, after the discount retailer posted stronger-than-expected sales for its fiscal first quarter. The company said it had net income of 4716.4 million, or $1.13 a share, in the quarter, up from $536.3 million, or 82 cents a share, in the year-earlier period. Adjusted per-share earnings came to 96 cents, excluding a 17 cents benefit due to items relating to the December tax revamp. Sales rose 12% to $8.7 billion. The FactSet consensus was for EPS of $1.02 and sales of $8.5 billion. Same-store sales rose 3% to beat the FactSet consensus of 2.5%. Chief Executive Ernie Herrman said the numbers were better than the company expected. “Customer traffic was once again the primary driver of our comparable store sales increases at each of our four large divisions,” he said. “Based on our strong first quarter performance, we are updating our outlook for full-year earnings per share. The company increased the low end of its fiscal 2019 EPS guidance and maintained the high end. It raised the high end of fiscal 2019 guidance by 2 cents to reflect the strong first quarter. Shares have gained 12.5% in the last 12 months, while the S&P 500 has gained 14%.

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