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TJX 1Q net income slips on A.J. Wright closings

TJX 1Q net income slips on A.J. Wright closings

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.


Updated : 2021-01-20 12:59 GMT+08:00