TJX Companies Inc, the leading off-price retailer of apparel and home fashions in the US and worldwide, announced sales and earnings results for the first quarter ended April 29th 2006.
The net sales for the first quarter were $3.9 billion, a 7 percent increase over last year and consolidated comparable store sales increased 1 percent over last year.
Net income was $164 million, and diluted earnings per share were $.34, a 21 percent increase over $.28 per share in the prior year.
Ben Cammarata, Chairman and Acting CEO of TJX Companies Inc, stated, "Our first quarter earnings per share exceeded our expectations, despite our top line coming in just slightly below our plan.”
During the first quarter of fiscal 2007, the company's pretax profit margin increased to 6.7 percent from 6.0 percent last year. The gross profit margin increased 0.9 percentage points to 24.5 percent, primarily due to improved merchandise margins.
For the second quarter of fiscal 2007, the company expects earnings per share in the range of $.24 to $.26, an increase of 4 – 13 percent over $.23 per share in the prior year. This forecast is based on various assumptions, including estimated consolidated comparable store sales growth of approx. 3 percent.
For the fiscal year ended January 27th 2007, the company continues to expect earnings per share in the range of $1.42 to $1.46 as compared to $1.41 in the prior year. Prior year earnings per share include a net benefit of $.12 per share from one-time items (non-recurring tax items, partially offset by certain third quarter events, detailed in the company's Fiscal 2006 Form 10-K).
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