The TJX Companies, Inc. (NYSE: TJX), released its financial results for the first quarter on Tuesday. Revenue for the quarter beat estimates, while earnings for the first quarter missed expectations.
Total revenue for the first quarter increased 12% to $8.7 billion, which beat analysts’ estimates of $8.5 billion. Same-store sales were up 3%, compared with the estimates of 2.5% growth.
Net income for the quarter increased from $536.3 million, or 82 cents per share, for the same period last year, to 4716.4 million, or $1.13 per share. Adjusted earning per share was reported to be 96 cents per share, missing analysts’ estimates of $1.02 per share.
“We are very pleased with our first quarter results as both our consolidated comp store sales growth of 3% and earnings per share exceeded our expectations. Marmaxx, our largest division, delivered a strong 4% comparable store sales increase as consumers were drawn to our great fashions and brands at outstanding values,” Ernie Herrman, the Chief Executive Officer and President of the retailer, said in the statement on Tuesday.
“Looking ahead, the second quarter is off to a strong start and we see plentiful opportunities to capitalize on the exciting fashions and brands available to us in the marketplace. We are convinced that we will continue to gain market share and grow successfully around the world,” Ernie continued.
In the statement, the company provided guidance for the second quarter and fiscal 2019. For the second quarter, the company expected its diluted earnings per share to be in the range of $1.02 to $1.04 per share. For the fiscal year ended February 2, 2019, the company expected its diluted earnings per share to be in the range of $4.75 to $4.83 per share, according to the retailer.