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While the company’s first quarter EPS came in at $0.76, $0.05 better than the analyst estimate of $0.71, revenue for the quarter came in at $11.8 billion, slightly below the consensus estimate of $11.81 billion. Pretax profit margin was 10.3%.
The retail firm said overall comp store sales increased 3% in the quarter, at the high end of the company’s plan, driven by an increase in customer traffic, while comp-store sales at Marmaxx increased 5%, driven by “very strong sales in apparel and accessories categories.”
“I am very pleased with our first quarter performance. Our pretax profit margin and earnings per share both significantly exceeded our plan and our 3% comparable store sales increase was at the high end of our plan,” said Ernie Herrman, Chief Executive Officer and President of TJX Companies.
Despite the positives, TJX’s guidance disappointed, with Q2 EPS expected to be between $0.72 and $0.75, below the consensus estimate of $0.79. In addition, the expected FY2024 EPS of $3.39 to $3.48 also missed the consensus estimate of $3.55.
