NEW YORK, United States — A weak outlook overshadowed strong quarterly profit at TJX and shares slid more than 3 percent at the opening bell Tuesday.
The TJX Cos., which operates T.J. Maxx and Marshalls, also reported disappointing comparable-store sales, a key indicator of a retailer's health for industry analysts.
Profit during the first quarter rose 5.5 percent to $536.3 million, or 82 cents per share, beating Wall Street expectations by 3 cents, according to a survey by Zacks Investment Research.
Revenue rose 3.2 percent to $7.78 billion, but that was short of analyst expectations.
Same-store sales rose 1 percent, well below the 8 percent gain during the same period a year ago.
The Framingham, Massachusetts, company expects full-year profit between $3.71 and $3.78 per share, far short of expectations. Analysts polled by FactSet expect $3.90 per share in profit for the year.