TJX Companies on Wednesday reported strong first-quarter results, sending shares of the retailer higher and showcasing why we’ve owned the stock for years.
Revenue in the three months ended May 2 increased 9.2% year over year to $14.32 billion, exceeding the consensus estimate of $14.03 billion, according to LSEG
Earnings per share (EPS) jumped 29.3% to $1.19, also exceeding expectations of $1.02, LSEG data showed. Same-store sales increased 6%, ahead of the 4.1% Street estimate, according to FactSet. Shares of TJX are up 6% as of midday trading.
It’s a much-needed rebound after a tough month that saw the stock fall more than 10% from its April highs. Not that we were necessarily complaining, because on Friday we used that pullback as an opportunity to add to our position for the first time in 10 months. But it’s encouraging to see Wednesday’s numbers validate that decision.