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TJ Maxx Parent TJX Posts Increase in Fiscal First-Quarter Profit; Expects Sales to Slow Down in Second Quarter

11:34AM ET 5/18/2022 MT Newswires
TJX Companies (TJX) reported higher first-quarter results for the 2023 fiscal year even though revenue missed analysts' expectations, while the off-price retailer guided for a decline in US comparable store sales for the current quarter.

The TJ Maxx owner on Wednesday posted net income of $0.49 per share for the quarter ended April 30, up from $0.44 a year earlier. Adjusted EPS, which excluded a $0.19 impact from the divesture of its minority investment in Russian retailer Familia, came in at $0.68 versus the Capital IQ-polled consensus of $0.60 per share. The company did not provide the year-ago adjusted EPS figure for comparison.

Net sales amounted to $11.41 billion, increasing from $10.09 billion but just shy of the Street's view for $11.58 billion. Comparable store sales in the US were flat versus a 17% rise in open-only same-store sales in the 2022 fiscal first quarter. Marmaxx comparable store sales were up 3%, while the HomeGoods division was down 7%.

The company said comparable stores in the fiscal 2023 measure comprise of US only as it could not measure year-over-year fiscal 2022 comparable store sales in the Canadian and international regions due to store closures and COVID-19 restrictions during the last fiscal year.

"I am particularly pleased that our first quarter pretax profit margin and earnings per share, each on an adjusted basis, exceeded our plans even though our sales were slightly below our planned range," Chief Executive Ernie Herrman said in a statement. "For the full year, we see opportunity to further improve our profitability. We remain focused on our long-term vision to become an increasingly profitable, $60-billion-plus company."

For the fiscal second quarter, TJX anticipates net earnings to be in a range of $0.65 to $0.69 and US comparable store sales to be down 1% to 3%. Analysts polled by Capital IQ are expecting GAAP EPS of $0.73.

The company also expects fiscal 2023 adjusted EPS to be between $3.13 and $3.20, below the Street's expectations for $3.22 per share. Comparable store sales for the year are forecast to be up 1% to 2%, down from its previous guidance of a 3% to 4% growth. The outlook suggests a 4% to 5% increase in comparable store sales for the second half of fiscal 2023, the company said.

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