(RTTNews) - Off-price retailer TJX Companies, Inc. (TJX) reported Wednesday net income of $533.93 million or $0.44 per share for the first quarter, compared to a net loss of $887.49 million or $0.74 per share in the prior-year quarter.
The results for the latest quarter were negatively impacted by the temporary closure of some of its stores due to the COVID-19 global pandemic.
On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter more than doubled to $10.04 billion from $4.41 billion in the same quarter last year and topped analysts' consensus estimate of $8.62 billion. Overall open-only comp store sales increased 16 percent.
The Company declared a quarterly dividend of $0.26 in the first quarter of fiscal 2022 and expects to declare a similar dividend in the second quarter of fiscal 2022, subject to Board approval.
Looking ahead, the company said overall open-only comp store sales trends for the start of the second quarter remain similar to the first quarter. The Company expects total sales, pretax margin, and earnings per share to be negatively impacted from temporary store closings.
Due to the continued uncertainty of the current environment, the Company is not providing financial guidance at this time.
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