TJX Companies Inc. announces sales growth

TJX Companies Inc., the leading off-price apparel and home fashions retailer in the U.S. and worldwide, announced sales and earnings results for the first quarter ended May 4, 2019.

Net sales for the first quarter of Fiscal 2020 increased 7% to $9.3 billion, consolidated comparable store sales increased 5% over last year’s 3% increase. Net income for the first quarter was $700 million, and diluted earnings per share were $.57, versus the prior year’s $.56.

Ernie Herrman, CEO and President of The TJX Companies, Inc., stated: “We are very pleased with our continued strong performance in the first quarter, as both our consolidated comparable store sales increase of 5% and earnings per share of $.57 came in well above our expectations. Once again this quarter, customer traffic was the primary driver of our consolidated comp increase and was up at each of our four major divisions.

“We believe this is a great indicator of the enduring appeal of our great values on an eclectic and exciting mix of merchandise and our treasure-hunt shopping experience, as well as the resiliency of our off-price retail model. With our above-plan first quarter results, we are raising our full-year earnings per share outlook.”

The TJX group covers numerous countries including the UK, Europe and Australia.