TJX Companies Inc (NYSE:TJX) shares are trading higher Wednesday after the company reported better-than-expected earnings results.
TJX said fiscal first-quarter revenue increased 13% year-over-year to $11.41 billion, which came in below the $11.61-billion estimate, according to data from Benzinga Pro. The off-price retailer reported quarterly adjusted earnings of 68 cents per share, which beat the estimate of 61 cents per share.
U.S. comparable store sales were flat year-over-year. Pretax margins were 7.5% in the first quarter and 9.4% on an adjusted basis.
TJX expects U.S. comparable store sales to be down 1% to 3% in the second quarter versus a 21% increase in the prior year quarter. For full-year fiscal 2023, the company expects U.S. comparable store sales to be up 1% to 2%.
TJX said it expects full-year fiscal 2023 adjusted earnings to be between $3.13 and $3.20 per share versus the estimate of $3.15 per share.
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TJX 52-Week Range: $53.69 - $77.35
The stock was up 6.41% at $59.79 at press time.
Photo: Mike Mozart from Flickr.
