TJX Companies, Inc. (TJX) reported that its first-quarter net income rose to $452.89 million from $419.20 million in the same quarter last year. Earnings per share for the quarter were $0.62, a 13% increase over last year's $0.55. Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the first quarter increased to $6.19 billion from last year's $5.80 billion. Twenty two analysts had consensus revenue estimate of $6.16 billion for the quarter. Consolidated comparable store sales for the quarter increased 2% over last year's reported 8% increase.
For the second quarter of Fiscal 2014, the company expects earnings per share to be in the range of $0.61 to $0.63, which would represent a 9% to 13% increase over last year's $0.56 per share. This outlook is based upon estimated consolidated comparable store sales growth of 2% to 3%. Analysts expect the company to report earnings of $0.64 per share for the second-quarter.
For the fiscal year ending February 1, 2014, the company narrowed its expected range for earnings per share to $2.70 to $2.78 versus $2.55 in Fiscal 2013. Excluding the approximately $.08 benefit from the 53rd week in the Company's Fiscal 2013 calendar, this guidance would represent a 9% to 13% increase over the adjusted $2.47 in Fiscal 2013. This outlook is based upon estimated consolidated comparable store sales growth of 1% to 2%. Analysts expect the company to report earnings of $2.82 per share for fiscal 2014.
The company said in February that it expected earnings in a range of $2.66 to $2.78 per share, on anticipated consolidated comparable store sales growth of 1 to 2 percent for fiscal 2014.
The company noted that its earnings guidance for the second quarter and full year fiscal 2014 assumes that currency exchange rates will remain unchanged from current levels.
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