(Filed Under Financial and General Interest News). TJX Companies, which runs discount chains TJMaxx, HomeGoods and Marshalls, reported that first quarter earnings dropped 19.7 percent due to costs related to the closings of the companies’ A.J. Wright stores as well as currency exchange impacts of business in Canada.
The Framingham, Mass.-based firm’s net income came in at $266 million, or 67 cents a share, down from $331.4 million, or 80 cents a share, one year earlier. Same-store sales increased 2 percent over last year’s 9 percent and net sales for the first quarter increased 4 percent to $5.2 billion.
"We delivered strong sales results in the face of our most challenging year-over-year comparisons of any quarter this year," Chief Executive Officer Carol Meyrowitz said in a statement. "Sales trends picked up as we exited the quarter, May is off to a strong start, and earnings comparisons ease as we move through the balance of the year. We remain extremely confident in our ability to profitably grow our business."
TJX projects second quarter earnings at 81 to 86 cents a share, comparable to last year’s 74 cents a share. Comparable store sales growth is projected at 1 to 3 percent. For the full year, earnings per share are predicted in the range of $3.70 to $3.82 and same-store sales up 1 to 2 percent.
TJX has an annual revenue of over $20 billion and operates more than 2,700 stores in six countries.
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