×

TJX stock gains after retailer beats Wall Street earnings estimates

Customers shop at a T.J. Maxx store in Washington.
Getty Images
Customers shop at a T.J. Maxx store in Washington.

TJX shares gained 0.5 percent higher after the discount retailer posted better-than-expected quarterly results.

The retailer reported first-quarter earnings per share of 76 cents on revenue of $7.54 billion. Wall Street expected TJX to post earnings of 71 cents per share of $7.28 billion, according to a Thomson Reuters consensus estimate.

TJX also posted a big beat on same-store sales last quarter, rising 7 percent. The Street expected comparable store sales to increase 3.2 percent, according to StreetAccount.

"We are particularly pleased with our very strong customer traffic, which drove the comp increases at every division. This tells us that our strategies to bring consumers exciting values on an eclectic and ever-changing mix of the right fashions and brands, sourced from across the globe, are working," Chairman and CEO Ernie Herrman said in a statement.

"We are confident that we are growing our customer base and gaining market share. With our excellent first quarter results, we are raising our full year earnings per share and comp sales guidance, and the second quarter is off to a solid start," he said.

Entering Tuesday's trading session, TJX's stock had gained 6 percent for the year, but had slipped more than 2 percent over the past month.

TJX in past monthSource: FactSet