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TJX fiscal Q1 EPS beats estimates, but comparable sales growth slows

TJX Cos. Inc.'s fiscal first-quarter earnings per share beat analysts' estimates.

The company said unfavorable weather in parts of the U.S. and Canada affected its results, as comparable sales growth slowed significantly to 1% from 7% for the same period a year prior.

The parent of T.J. Maxx and Marshalls said May 16 that it posted diluted earnings per share of 82 cents for the fiscal first quarter ended April 29, beating the consensus mean of analysts' estimates of consolidated GAAP EPS of 79 cents, according to data provided by S&P Capital IQ.

The figure was up 7.9% over the retailer's earnings of 76 cents per share for the similar period a year prior.

TJX also provided new guidance. The company said it expects diluted EPS for the fiscal second quarter to be between 81 cents and 83 cents compared to 84 cents for the same period a year prior, as well as comparable-store sales growth of between 1% and 2%.

For the fiscal year, TJX expects diluted EPS of between $3.82 and $3.89 compared to the prior year's diluted EPS of $3.46, as well as comparable sales growth of between 1% and 2%. That compares to prior guidance for EPS for the fiscal year of between $3.80 and $3.89 per share, given when the company released its fiscal fourth-quarter earnings Feb. 22.

Meanwhile, TJX's first-quarter net income rose 5.5% to $536.3 million from $508.3 million a year ago. A provision for income taxes fell from $316.6 million a year ago to $296.2 million for the fiscal first quarter.

Income before provision for income taxes grew 0.9% to $832.5 million from $825 million for the same period a year prior.

The company's sales increased 3.2% to $7.78 billion from $7.54 billion for the same period a year ago.

Marmaxx, which consists of T.J. Maxx and Marshalls in the U.S., remains by far the company's largest division, with $4.97 billion in sales in the fiscal first quarter. HomeGoods contributed $1.12 billion in sales, TJX Canada generated $738.8 million in sales and TJX International produced sales of $956.8 million.

Flat comparable-store sales growth for both TJX International and the Marmaxx division affected the company's overall results. Comparable-store sales, however, were up 3% for its HomeGoods banner and up 3% for TJX Canada.