TJX Companies Q1 business earns US $ 8.7 bn with 71 new openings

TJX Companies Inc., the leading off-price retailer of apparel and home fashions in the US and worldwide, has announced financial results for the first quarter ended May 5, 2018.

Net sales for the first quarter increased by 12 per cent to US $ 8.7 billion for the company. Its consolidated comparable store sales zoomed 3 per cent as compared to the same period last year ended May 6, 2017.

During the reporting fiscal, net income for the retailer reached US $ 716 million.

“We reported a pleasing first quarter results. The company reported earnings per share beyond its expectations in the first quarter,” stated Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc.

In view of strong first quarter results, the retailer has now updated its outlook for full-year earnings per share and convinced that company will continue to gain market share and grow successfully around the world.

The company expects diluted earnings per share to be in the range of US $ 1.02 to US $ 1.04 for the second quarter of this fiscal.

For full-year, TJX expects to note 18 to 20 per cent increase in diluted earnings per share to be in the range of US $ 4.75 to US $ 4.83.

The review period witnessed the opening of 71 new stores, taking the count to 4,141 stores. The company increased square footage by 5 per cent over the same period last year.

TJX is present currently in nine countries, including the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia under banners: HomeGoods, TJ Maxx, and Sierra Trading Post operate in the United States; Winners operates in Canada; and HomeSense, Marshalls and TK Maxx.