RetailSails

TJX reported net income of $419.2 million ($0.55 Diluted EPS) for the first quarter ended Apr 28, a 58% increase from a year ago. Net sales rose 11.1% to $5.798 billion, while same-store sales increased 8%. Comps by segment were: Marmaxx (TJ Maxx & Marshalls U.S.) +8%, HomeGoods +9%, Canada +6% and Europe +13%. Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are extremely pleased that our strong momentum continued in the first quarter. Consolidated comparable store sales increased 8% and earnings per share were up 41% over last year’s adjusted EPS. We are particularly pleased that our performance was so strong across the board, with our U.S., Canadian and European businesses all delivering outstanding results. We saw significant increases in customer traffic across all divisions in the first quarter over last year, which we believe points to the strength of our values and our brand content. We are convinced that we will continue to grow our customer base with our compelling values, more powerful marketing and upgraded shopping experience. May is off to a strong start and we begin the second quarter in an excellent inventory position to buy into current opportunities in the marketplace and continue shipping great fashions and brands at great prices to our stores. We are excited about our prospects for the remainder of 2012 and beyond and our ability to continue achieving profitable growth and excellent financial returns in the short and long term!” For fiscal 2013, the company expects diluted eps of $2.27 to $2.37, up from previous guidance of $2.21 to $2.31, on comparable store sales growth of 2% to 3%.