An upswing in consumer spending habits spurred strong sales and first-quarter earnings results for TJX Companies (NYSE:TJX), which shot TJX shares up more than 6% in Tuesday morning trading.
On Tuesday, the off-price apparel and home fashion retailer reported profits of $419 million (55 cents per share), which were about 58% better than last year’s $266 million (34 cents per share). Revenues of $5.8 billion were up about 11% from a year ago. Street analysts had predicted earnings of 54 cents per share on sales of $5.75 billion.
TJX’s consolidated comparable-store sales also increased 8%.
TJX boosted its forecasts for the fiscal year, expecting earnings per share to be anywhere from $2.27 to $2.37 — up from a forecast of $2.21 to $2.31 per share. However, the range still sits below analyst expectations for earnings of $2.39 per share.