TJX Q1 Profit Slightly Up, Misses View; Updates FY EPS View - Quick Facts

(RTTNews) - Off-price retailer TJX Companies, Inc. (TJX) posted higher net income of $454.3 million, or $0.64 per share for the first quarter of fiscal 2015, versus $452.89 million, or $0.62 per share, a year ago. On average, 30 analysts polled by Thomson Reuters expected earnings per share of $0.67 for the quarter. Analysts' estimates typically exclude one-time items.

During the first quarter of fiscal 2015, net sales increased 5% to $6.5 billion, from $6.19 billion last year, and consolidated comparable-store sales were up by 1%. Analysts estimated revenues of $6.60 billion for the quarter.

Looking ahead to the second quarter, the firm sees earnings per share of $0.70 - $0.74, based on estimated consolidated comparable-store sales growth of 2% - 3%. Thirty analysts anticipate second-quarter earnings per share of $0.74.

For the full year, the company is revising its guidance, now expecting earnings per share in the range of $3.05 - $3.17. Excluding a tax benefit of $0.11 in fiscal 2014, this outlook would represent an 8% - 12% increase over the adjusted $2.83 in Fiscal 2014. This outlook continues to be based upon estimated consolidated comparable store sales growth of 1% - 2%. Analysts project annual earnings of $3.19 per share.

The earnings view for both the second quarter and full year fiscal 2015 assumes that currency exchange rates would remain the same from the current levels.