TJX beats by $0.03, misses on revs with comps at high end of guidance; guides Q2 EPS below; raises low end of FY18 EPS, reaffirms comps:
- Reports Q1 (Apr) earnings of $0.82 per share, $0.03 better than the Capital IQ Consensus of $0.79; revenues rose 3.2% year/year to $7.78 bln vs the $7.88 bln Capital IQ Consensus. Diluted EPS $0.04 above high-end of Company's plan primarily due to a benefit from an accounting change in share-based compensation as well as a benefit from foreign currency, which were both higher than expected.
- Comps +1% vs. +0-1% guidance.
- Co issues downside guidance for Q2, sees EPS of $0.81-0.83 vs. $0.92 Capital IQ Consensus Estimate; comps +1-2%.
- Co issues guidance for FY18, raises EPS to $3.82-3.89 from $3.80-3.89 vs. $3.90 Capital IQ Consensus Estimate; reaffirms comp +1-2%.
- "Comp store sales growth was once again driven by customer traffic. We achieved these results despite the unfavorable weather in parts of the U.S. and Canada compared to last year. We were pleased to see sales trends pick up as the quarter progressed. With our disciplined inventory management, our merchandise margin was up, which speaks to the resiliency and flexibility of our off-price retail model. Further, we are confident that we are gaining market share at each of our four major divisions. The second quarter is off to a solid start and we have excellent liquidity in our inventories."
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