TJX reports 1Q sales increase

FRAMINGHAM, Mass. The TJX Companies reported net sales for the first quarter of fiscal 2009 increased 6% to $4.4 billion, and consolidated comparable-store sales increased 3% over last year.

Net income for the first quarter was $194 million, and diluted earnings per share were 43 cents compared to 34 cents last year.

Carol Meyrowitz, president and ceo of The TJX Companies, stated, “We are pleased with our first quarter performance, as we once again drove strong sales, merchandise margins, and profit growth despite the challenges of the consumer environment and unfavorable weather in the first two months. While we continue our sharp execution of our off-price business model and deliver strong results, we are also funding our expansion domestically and internationally. We are excited by our prospects for growth in Europe, having opened our first HomeSense stores in the U.K. and another T.K. Maxx store in Germany. As we move into the second quarter, we are very well positioned to continue to capitalize upon merchandise opportunities and deliver great value to our customers every day.”