The TJX Cos. reports strong Q1 results

FRAMINGHAM, Mass. The TJX Cos., the leading off-price retailer of apparel and home fashions in the United States and worldwide, today announced sales and earnings results for the first quarter ended May 2. Net sales for the first quarter of fiscal 2010 increased 1% to $4.35 billion and consolidated comparable-store sales increased 2% over last year. Net income from continuing operations for the first quarter was $209 million.

“We are pleased with our first quarter results, which were the strongest in our history and achieved despite the economic downturn," said Carol Meyrowitz, president and CEO, TJX Cos. “Customer traffic increased significantly across virtually all of our divisions, as customers responded to our extreme values on ever-fresh assortments of great fashions and great brands.”

Meyrowitz acknowledged the strong performance of the company’s younger and newer concepts: “A.J. Wright in the United States, T.K. Maxx in Germany, and HomeSense in the United Kingdom continue to outperform our expectations despite widespread consumer weakness, which speaks to the strength of our value proposition and gives us confidence in our long-term vision to grow TJX as a global, off-price value retailer.”