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TJX Companies Earnings: TJX Stock Rises Despite Q1 Misses

The company withdrew its fiscal 2021 guidance due to the novel coronavirus

TJX Companies (NYSE:TJX) earnings for the first quarter of fiscal 2021 have TJX stock climbing higher on Thursday. That’s in spite of the company reporting a GAAP and non-GAAP loss per share of 74 cents, which is nowhere close Wall Street’s estimate of a 15-cent loss. Also, the company’s revenue of $4.41 billion comes in below analysts’ estimates of $5.17 billion.

TJX Companies Earnings: TJX Stock Rises Despite Q1 Misses
Source: Joe Hendrickson / Shutterstock.com

Now, let’s take a closer look at the TJX Companies earnings report:

  • Adjusted per-share losses for the quarter declined 101.3% from earnings per share (EPS) of 57 cents during the same time last year.
  • Revenue is sitting 52.5% lower than the $9.28 billion from year-ago period.
  • TJX Companies’ earnings report also reveals a net loss of $887.49 million.
  • That’s much worse compared to its net income of $700.18 million from the same period of the year prior.
  • The company has also fully or partially reopened more than 1,600 of its stores across 25 states since May 2.

Ernie Herrman, president and CEO The TJX Companies, said this about his company’s report:

“In these unprecedented times, our hearts are with everyone around the world who has been affected by the COVID-19 pandemic, including our Associates and their families, our customers, and the communities we serve. … As various states and countries reopen for business, health and safety remain at the forefront of our decision making. We have been pleased to reopen as many stores as we have in May, as well as our e-commerce websites. Although it’s still early and the retail environment remains uncertain, we have been encouraged with the very strong sales we have seen with our initial reopenings.”

TJX Companies earnings release does not include its fiscal 2021 guidance due to the “rapidly evolving and uncertain environment” around the novel coronavirus. That said, Wall Street’s estimates for FY2021 include EPS of $1.39 on revenue of $34.5 billion

TJX stock was up 6.3% as of Thursday afternoon.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/05/tjx-companies-earnings-tjx-stock-rises-despite-q1-misses/.

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