TJX Companies Inc., leading off-price retailer of apparel and home fashions in the US and worldwide, has announced its financial results for the first quarter ended April 29, 2017. Net sales during the quarter increased 3 per cent to US $ 7.8 billion and consolidated comparable store sales increased 1 per cent over last year’s 7 per cent increase. Net income US $ 536 million in the reporting period.
Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “For the first quarter, consolidated comparable store sales were up 1 per cent over last year’s strong 7 per cent increase and at the high end of our plan. Earnings per share were US $ 0.82 and above our plan. Comp store sales growth was once again driven by customer traffic. We achieved these results despite the unfavourable weather in parts of the US and Canada compared to last year.”
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The second quarter is off to a solid start and the retailer claims excellent liquidity in its inventories. This positions it extremely well to capitalize on the plentiful buying opportunities the company sees for exciting fashions and brands in the marketplace and bring them to consumers at amazing values. As always, it will strive to surpass goals and have great confidence in the continued, successful growth of TJX.
