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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