The TJX Companies Inc. on May 21 raised its EPS guidance for fiscal 2020 as the company's first-quarter results beat analyst expectations.

Adjusted EPS at the off-price retailer rose 1 cent to 57 cents for the 13 weeks ended May 4, beating the S&P Global Market Intelligence mean consensus estimate for normalized EPS of 55 cents.

TJX raised its target for fiscal 2020 diluted EPS to a range of between $2.56 and $2.61, representing an increase over 2019 of 5% to 7%, up from a range of between $2.55 and $2.60. On an adjusted basis, the company expects EPS to grow between 4% and 7% for the year.

The company still expects comparable store sales growth for the year of between 2% and 3%.

For its fiscal second quarter, the company expects diluted earnings of between 61 cents and 62 cents, up between 5% and 7% over the same quarter one year ago.

Net income at the Framingham, Mass.-based chain fell to $700.2 million from $716.4 million for the year-ago quarter but surpassed the Market Intelligence estimate for GAAP net income of $672.5 million.

Net sales at the chain grew 6.7% to $9.28 billion. Comparable store sales advanced 5% during the quarter, pulled higher by a 6% increase within the company's U.S. Marmaxx business.

Shares of TJX were up 1.55% at $53.50 in premarket trading. The company reported results before U.S. markets opened May 21.