TJX (Framingham, Mass.) has reported its first quarter earnings and the results were stronger than expected, according to The Street. Its earnings for the three months ending in May 4 came in at 57 cents per share, which was down 41% from last year.
Analysts had predicted net revenues of $9.21 billion, but the company’s net revenues rose 7 percent to $9.28 billion. Its same-store sales rose 5 percent from the same period last year.
TJX CEO Ernie Herrman stated, according to The Street, “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."