The TJX Companies Inc. reported Tuesday that strong sales at its discount stores helped send its first-quarter net income up more than 58 percent.
The operator of T.J. Maxx, Marshalls and other chains said it earned $331.4 million, or 80 cents per share, for the quarter that ended May 1. That's up from $209.2 million, or 49 cents per share, earned in the same quarter a year earlier.
Revenue grew 15 percent to $5 billion.
The results exceeded Wall Street expectations. Analysts polled by Thomson Reuters expected the company to earn 78 cents per share on revenue of $4.95 billion. Analysts typically exclude one-time items, but TJX didn't record any.
TJX, based in Framingham, Mass., has seen its popularity and profitability climb during the recession as shoppers turned to its stores for deals. The company recently announced plans to double in size.
"Consumers will remain focused on value in both weak and strong economic environments," Carol Meyrowitz, the company's president and CEO, said in a statement.
TJX said it expects to earn 67 cents to 72 cents per share for the second quarter, in line with analyst forecasts for 72 cents per share. But the company's full-year forecast for profit of $3.21 to $3.32 per share falls short of analyst expectations for $3.35 per share.
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