By Dean Seal

 

TJX Cos. said its profit climbed 10% in the first quarter as the off-price apparel and home fashions retailer raised its margins against a 13% increase in total sales.

The operator of brands including TJ Maxx and Marshalls said net income for the quarter ended April 30 was $587.5 million, compared with $533.9 million in the same period a year earlier. Earnings were 49 cents a share, up from 44 cents a share last year.

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 but below its own projection as well as the Wall Street estimate of $11.6 billion, according to FactSet. The company said same-store sales were roughly flat for the quarter, with its brand Marmaxx seeing a 3% gain while HomeGoods sales dropped 7%.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

May 18, 2022 08:32 ET (12:32 GMT)

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