TJX Delivers Another Huge Earnings Beat
Retail sales have rebounded strongly in 2021. Brick-and-mortar chains have done especially well, as many consumers eagerly returned to their old shopping habits after receiving their COVID-19 vaccinations. TJX Companies (NYSE: TJX) took full advantage last quarter, as sales and earnings surged well above pre-pandemic levels. Let's take a look.
In the first quarter of its 2022 fiscal year, TJX reported that "open-only" comparable store sales -- which exclude stores that were temporarily closed -- rose 16% compared to the same period two years earlier. Total sales more than doubled year over year to a first-quarter record of $10.1 billion.
That said, total sales in Q1 "only" increased 9% over the prior high logged two years ago (fiscal 2020). Moreover, while TJX's earnings per share of $0.44 crushed analysts' estimates, the company had posted EPS of $0.57 two years earlier. Management attributed the earnings decline to the impact of lingering store closures on sales outside the U.S., especially in Europe.
Source Fool.com
