Home Home Helps TJX Post Solid First Quarter
May 22, 2024

Home Helps TJX Post Solid First Quarter

Posted In: Retail Articles

TJX Cos. earnings broke a billion dollars during the first quarter, as comparable sales were gained across the company.

TJX first-quarter net income was $1.07 billion, or 93 cents per diluted share, versus $891 million, or 76 cents per diluted share, in the year-past quarter.

A Yahoo Finance-published analyst consensus estimate was for earnings of 87 cents and revenue of $12.46 billion.

Comparable sales were up 3% for the company in the quarter year over year. Comps at Marmaxx, including T.J. Maxx and Marshalls, were up 2%, as HomeGoods posted a 4% rise in comps, TJX Canada a 4% rise and TJX International a 2% rise.

Net sales were $12.48 billion versus $11.78 billion in the year-before quarter.

In a conference call, the company noted that home comps were up across the company, outperforming apparel. Customer transactions drove the gains.

In announcing the financial results, Ernie Herrman, TJX president and CEO said, “I am very pleased with our first quarter performance. Overall comp store sales increased 3%, at the high-end of our plan, and both profitability and earnings per share were well above our expectations. Our teams across the company executed on our initiatives and were laser-focused on delivering consumers exciting values on great brands and fashions and a treasure-hunt shopping experience every day. We saw comp sales growth at every division entirely driven by customer transactions, which underscores the strength of our value proposition. This also gives us confidence in our ability to gain market share across all of our geographies. The second quarter is off to a good start and we see numerous opportunities for our business for the balance of the year that we plan to pursue. Longer term, we are excited about the potential we see to drive customer transactions and sales, capture additional market share, and increase the profitability of TJX.”

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