The closing of A.J. Wright stores and reopening many as TJMaxx, Marshalls or HomeGoods stores pulled TJX Cos.' first-quarter net income down 20 percent, but customer traffic improved at the company's remaining chains as shoppers still sought bargains.
The discounter said Tuesday that it earned $266 million, or 67 cents per share, for the period that ended April 30. That's down from $331.4 million, or 80 cents per share, a year earlier.
TJX raised the low end of forecast for full-year adjusted earnings.
Its quarterly adjusted earnings dropped to 78 cents per share from 80 cents per share; analysts expected 80 cents per share.
Revenue increased 4 percent to $5.22 billion, surpassing Wall Street's estimate of $5.14 billion.
TJX is based in Framingham, Massachusetts.