TJX Beats, but Outlook Disappoints

TJX, parent of T.J. Maxx stores, saw its profit more than double, but shares are falling as it releases a disappointing forecast.
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NEW YORK (

TheStreet

) - Off-price retailer

TJX

(TJX) - Get Report

, parent of T.J. Maxx stores, saw its first-quarter profit more than double, but its shares were slipping in pre-market action after it offered tepid second-quarter guidance.

During the first quarter, the company earned $331.4 million, or 80 cents a share, topping analysts' estimates of 77 cents a share. A year ago, the company earned $209.2 million, or 12 cents a share.

Sales shot up 15% to $5.01 billion from $4.35 billion, while same-store sales rose by 9%.

Looking ahead, TJX said it expects to post second-quarter earnings in the range of 67 cents to 72 cents a share. Wall Street was predicting a profit of 72 cents. For the full-year, management is calling earnings between $3.21 and $3.32 a share.

Shares of TJX were shedding 2.7% to $44.03 in pre-market trading Tuesday.

Reported by Jeanine Poggi in New York.

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