• Q1 net income jumped 58% to US$419.2m
  • Net sales increased 11% to $5.8bn 
  • Comparable store sales climbed 8%

Off-price retailer The TJX Companies today (15 May) posted a 57.6% hike in first-quarter profit, helped by "outstanding results" in its US, Canadian and European businesses.

Net income for the three months to 28 April reached US$419.2m compared to $266m the same period last year.

Gross profit margin was 28.2%, an increase of 1.3 percentage points, which was largely driven by better merchandise margins, leverage of buying and occupancy costs, and foreign currency exchange rates.

Net sales increased 11% to $5.8bn, while comparable store sales climbed 8%.

Looking forward, the company expects second quarter earnings to be in the range of $.47 to $.50 per share, a 4-11% increase over last year's $0.45 per share.

For the full-year, the company has raised its guidance for earnings per share to be in the range of $2.27 to $2.37, compared with $1.93 a year earlier.

"We saw significant increases in customer traffic across all divisions in the first quarter over last year, which we believe points to the strength of our values and our brand content," said CEO Carol Meyrowitz.

"We are convinced that we will continue to grow our customer base with our compelling values, more powerful marketing and upgraded shopping experience."