TJX quarterly income up 63%

FRAMINGHAM, Mass. TJX reported that net sales for the first quarter of fiscal 2011 increased 15% to $5 billion and consolidated comparable-store sales increased 9% over last year. Net income for the first quarter was $331 million, and diluted earnings per share were 80 cents, a 63% increase over last year’s 49 cents.

Carol Meyrowitz, president and CEO TJX stated, “I am very pleased with our first quarter results, which underscore our ability to deliver consistent profitable growth. Our 9% consolidated comparable-store sales increase and 63% increase in earnings per share far exceeded our expectations for the quarter. The momentum in our business was driven by continued increases in customer traffic, reinforcing the appeal of our great values and indicating to us that consumers will remain focused on value in both weak and strong economic environments. Going forward, with our wide demographic reach, we are reinvesting in our stores and heightening our marketing campaigns to attract and retain more new customers, and we are sourcing new, exciting product in the marketplace. As always, we will run our business conservatively, with lean inventories as well as a focus on cost reduction initiatives. We have confidence in TJX sustaining strong top- and bottom-line performance as we grow as a global off-price value retailer.”