Saks 1st-qtr Loss Beats Forecast; TJX Posts Profit

While the recession has brought shoppers to TJX stores, President and Chief Executive Carol Meyrowitz also credited the company's conservative same-store sales plans, tight inventory management and cost control efforts for helping its quarterly results.

TJX's sales edged up 1 percent to $4.35 billion from $4.3 billion.

Among its stronger performers were A.J. Wright in the U.S., T.K. Maxx in Germany and HomeSense in the U.K.

The minimal sales growth was due in part to the stronger dollar, which — combined with mark-to-market adjustments on inventory-related hedges — lowered earnings by 4 cents per share.

Same-store sales increased 2 percent.

TJX expects second-quarter earnings of 43 cents to 49 cents per share. The forecast assumes same-store sales will be flat or drop 2 percent. Analysts predict profit of 43 cents per share in the second quarter.

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AP Retail Writer Michelle Chapman in New York and Business Writer Colleen Barry in Milan, Italy, contributed to this report.