Bloomberg News

TJX Falls Most in Five Years After Profit Trails Estimates

May 20, 2014

TJX Cos. (TJX:US), owner of the T.J. Maxx discount chain, fell the most in more than five years after posting first-quarter profit and sales that trailed analysts’ estimates.

The shares tumbled 7.6 percent to $53.95 at the close in New York for the biggest one-day drop since December 2008. TJX has slid 15 percent this year, compared with a 1.3 percent gain for the Standard & Poor’s 500 Index.

Profit in the quarter ended May 3 was 64 cents a share on sales of $6.49 billion, the Framingham, Massachusetts-based company said today in a statement. Analysts’ estimated profit of 67 cents on $6.6 billion in revenue.

U.S. retailers are trying to entice shoppers with steep discounts as still-shaky consumer confidence restrains spending and after harsh winter weather hurt traffic at malls and stores. Chief Executive Officer Carol Meyrowitz said today on a conference call that weather reduced same-store sales by as much as 4 percentage points in some areas of the country.

To contact the reporter on this story: Kevin Orland in Chicago at korland@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net Kevin Orland, Ben Livesey


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • TJX
    (TJX Cos Inc/The)
    • $67.08 USD
    • 1.72
    • 2.56%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus