NEW YORK (TheStreet) -- Shares of TJX Companies Inc (TJX) are gaining, up 3.98% to $69.94 in midday trading Tuesday, after the discount apparel retailer posted better than forecast first quarter fiscal 2016 earnings results before the opening bell this morning.
The company earned 69 cents per share in its first quarter on revenue of $6.9 billion.
Analysts surveyed by Thomson Reuters projected a profit of 66 cents per share on revenue of $6.79 billion for the period.
In the same quarter of last year, the company earned 64 cents per share on revenue of $6.49 billion.
Looking ahead, the company expects second quarter earnings of between 72 cents to 74 cents per share. For the full year 2016, TJX estimates between $3.21 to $3.27 per share.
Analysts are expecting earnings of 78 cents per share for the second quarter, and $3.30 per share for the full year.
Framingham, Mass.-based TJX Cos. is an off-price apparel and home fashions retailer operating stores including TJ Maxx, Marshalls, and Homegoods.
The company has more than 3,200 stores that offer a changing assortment of brand name and designer merchandise.
TJX price about 20% to 60% below department and specialty store regular prices on comparable merchandise.
Separately, TheStreet Ratings team rates TJX COMPANIES INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate TJX COMPANIES INC (TJX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, growth in earnings per share, revenue growth, notable return on equity and good cash flow from operations. We feel its strengths outweigh the fact that the company shows low profit margins."