Shares of TJX Companies rose by up to 4% in pre-market trading after it reported a big beat on earnings and revenues.
The parent company of retailers including TJ Maxx and Marshalls reported adjusted earnings per share of $US0.69 for the first quarter, beating the estimate for $US0.66 according to Bloomberg.
TJX reported sales of $US6.9 billion, a 6% year-over-year increase that was better than expectations for $US6.8 billion.
The company also posted a beat on same-store sales, a key metric for retailers that accounts for locations that have been open for at least one year. TJX saw 5% growth at these locations, beating estimates for a rise of 3.1%.
“Our 5% consolidated comparable store sales growth and 8% increase in earnings per share were both well above our plan,” CEO Carol Meyrowitz wrote in the earnings release. “Our outstanding values and exciting mix of apparel and home fashions continue to resonate with shoppers across all of our geographies. It was great to see that, similar to last quarter, comp sales were almost entirely driven by customer traffic and we had a significant increase in units sold.”
The company also raised its full year EPS and comparable store sales guidance based on these results.
Shares of TJX are down nearly 2% year-to-date and up 15% over the past 12 months.
It hasn’t been a great quarter for other retailers. Urban Outfitters, Macy’s, and JCPenney all reported results below what Wall Street had been expecting.
Urban Outfitters, which reported weak earnings on Monday, fell by up to 14% in pre-market trading.