The TJX Companies Adds 9% As Earnings Beat The Street

(RTTNews) - Shares of off-price apparel and home fashions retailer The TJX Companies, Inc. (TJX) are rising more than 9% in the morning trade on Wednesday after reporting better-than-expected first-quarter earnings.

Net income in the first quarter increased to $587.47 million or $0.49 per share from $533.93 million or $0.44 per share in the comparable quarter last year.

Excluding one-time items, earnings were $0.68, that beat the average estimate of analysts polled by Thomson Reuters of $0.6o per share.

Sales for the quarter increased to $11.406 billion from 10.087 billion a year ago. The consensus estimate was for $11.59 billion.

For the second quarter, the company expects earnings per share to be in the range of $.65 to $.69. Analysts expect earnings of $0.75 per share for the quarter.

For the full year, adjusted earnings are expected between $3.13 and $3.20. The consensus estimate stands at $3.15 per share.

TJX, currently at $61.37, has been trading in the range of $53.69-$77.35 in the past 52 weeks.