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TJX posts weaker-than-expected quarterly comparable-store sales

By dailymail / Published on Sunday, 11 Jun 2017 03:16 AM / No Comments


TJX Cos., the owner of off-price chains T.J. Maxx and Marshalls, on Tuesday posted its slowest comparable-store sales growth in more than 10 quarters, adding to the gloom in the retail
industry.

Shares of the company skidded more than 5 percent to $72.99 before the bell.

TJX’s 1 percent rise in comparable-store sales in the first quarter ended April 29 missed the 1.5 percent rise estimated by analysts polled by research firm Consensus Metrix.

The company reported a 3.2 percent rise in sales to $7.78 billion in the quarter, from a year earlier.

The Framingham, Massachusetts-based company’s net income rose to $536.3 million, or 82 cents per share, from $508.3 million, or 76 cents per share.

CNBC contributed to this report.