TJX Shares Climb 11% With Jump in 1Q Profit, Sales
May 18 2022 - 11:07AM
Dow Jones News
By Dean Seal
Shares of TJX Cos. were up 11% to $56.19 in early trading after
the TJ Maxx operator reported double-digit percentage growth in
earnings and revenue for its first quarter.
The company behind brands like Marshalls and HomeGoods posted
quarterly net income of $587.5 million, up from $533.9 million a
year ago.
Stripping out one-time items, adjusted earnings were 68 cents a
share. Analysts polled by FactSet had been expecting 60 cents a
share.
Sales for the quarter were $11.41 billion, up from $10.09
billion in the first quarter of 2021 though below the Wall Street
estimate of $11.6 billion, according to FactSet.
The off-price apparel and home fashions retailer's strong
showing in early trading comes as other major retail stocks slid
lower on Wednesday. Target Corp. shares led the retail downturn
with a 26% drop to a 52-week low, while shares of Gap Inc. dropped
6%.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 18, 2022 10:52 ET (14:52 GMT)
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