TJX Companies Inc (NYSE:TJX) results today were a “meet-and-beat”, as Q1 2018 sales were in line with analyst forecasts while earnings topped those expectations. Despite the results, TJX stock was down more than 5% this morning in pre-market trading.

The off-price apparel and home fashions retailer said net sales in the quarter ended April 29 increased 3% to $7.8 billion compared with $7.5 billion last year. Analysts on average expected $7.88 billion. Per share earnings were 82 cents, compared with 76 cents in last year’s Q1. Wall Street forecast EPS of 79 cents.  Consolidated comp store sales increased 1%.

“Comp store sales growth was once again driven by customer traffic. We achieved these results despite the unfavorable weather in parts of the U.S. and Canada compared to last year,” Ernie Herrman, TJX CEO and president, said in the company’s announcement. “We were pleased to see sales trends pick up as the quarter progressed. With our disciplined inventory management, our merchandise margin was up, which speaks to the resiliency and flexibility of our off-price retail model.”

Off-price retailers like TJX Companies and Ross Stores, Inc. (NASDAQ:ROST) have been stealing market share from big department stores recently, InvestorPlace contributor Luke Lango noted last week. Macy’s Inc (NYSE:M) last week announced earnings that disappointed on just about every metric, and the misses were wide. Other traditional retailers followed suit.

Last month, Zacks Investment Research argued that among the reasons TJX stock should be in investors’ portfolios was that its product and geographic diversity helps the company to boost its top and bottom lines along with overall profitability. “It plans to add more categories to the online shopping site and invest categorically in it to differentiate from its brick-and-mortar stores,” Zacks wrote.

TJX stock is up 2.4% so far this year, while ROST stock is down almost 8% and Macy’s is off more than 35% in the same period