TJX Companies beat Wall Street’s earnings estimates by three cents per share in the first quarter of fiscal 2016. The company, which operates the TJ Maxx and Marshall’s off-price chains, reported net sales up 6% to $6.9 billion and same-store sales up 5%. Diluted earnings per share of $0.69 were up 8% over last year’s first quarter.
“It was great to see that, similar to last quarter, comp sales were almost entirely driven by customer traffic and we had a significant increase in units sold,” said CEO Carol Meyrowitz in a statement. “At the same time, we also saw a strong increase in our merchandise margins. We were very pleased that we achieved these strong results despite significant foreign currency headwinds and while simultaneously investing in our business to support our growth goals.”
The company said it is raising its FY guidance.
TJX Companies operates 3,441 stores the U.S., Canada, U.K., Ireland, Germany, Poland and Austria. There are 1,126 T.J. Maxx, 987 Marshalls, 498 HomeGoods and six Sierra Trading Post stores.