RETAIL EARNINGS / TJX
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TJX Cos. said its fiscal first-quarter profit rose 8% as budget-conscious shoppers taking advantage of bargains at its discount retail outlets helped boost sales.
The operator of stores such as T.J. Maxx, Marshalls and HomeGoods also expects to meet or beat Wall Street’s second-quarter profit expectations.
TJX shares rose $1.09, or 3.9%, to $29.03.
The company, which is based in Framingham, Mass., said earnings climbed to $209.2 million, or 49 cents a share, for the three-month period ended May 2, up from $193.8 million, or 43 cents, a year ago.
The latest results met the expectations of analysts polled by Thomson Reuters. Analysts’ estimates typically exclude one-time items.
Sales edged up 1% to $4.35 billion, which topped Wall Street’s forecast of $4.32 billion.
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