TJX Cos. posts $587M profit in first quarter
Photo | Grant Welker
The TJX Cos. reported a 5% decrease in U.S. comparable store sales in its second quarter, which ended July 30.
The TJX Cos. of Framingham reported a strong start to the year, with increases in net sales and a boost in its quarterly profit.
The retail company, which operates T.J. Maxx, Marshalls, HomeGoods, and Sierra, reported $587 million in net income for the 13 weeks ended April 30, up from $533.9 million in the same quarter last year, according to the earnings report released May 18.
Diluted earnings per share reached $0.49, an increase from $0.44, and net sales increased 13% to $11.4 billion, year-over-year.
The company increased its store count by 26, for a total of 4,715 stores. Its square footage also grew by 0.4% over the previous quarter, according to the company. Inventories were up, from $5.1 billion in the first quarter last year to $7 billion this year.
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