TJX Cos.  (TJX)  isn't letting the overall decline in retail slow it down just yet, as the the retailer reported second-quarter earnings of 85 cents a share, slightly beating Wall Street's estimates for earnings of 84 cents a share.

TJX the parent company of off-price retailer T.J. Maxx posted earnings of 84 cents a share in the same period of 2016. Shares of TJX rose 1.7%, of $1.17, in early trading Tuesday to $70.75 apiece.

TJX reported revenue of $8.4 billion for the period ended July 29, higher than the $8.3 billion analysts surveyed at Factset expected. Last year, the company reported $7.88 billion in second-quarter revenue.

The company said it expects full-year earnings in the range of $3.78 and $3.82, on an adjusted basis, a 7% to 8% increase from last year. For the third quarter, TJX anticipates earnings of 98 cents to $1 a share.

"These [strong numbers] more than offset the lower-end forward guidance increase management offered, as well as the weighing pressures from other retailers," noted Jim Cramer in a morning note for his Action Alerts PLUS charitable trust portfolio members.

Management's expectations that the company will see comparable store sales to increase just 1% to 2% "is lower than the street expectations of 2.5%; however, we note that management may be keeping their estimates on the conservative side," Cramer noted.

The company's same-store sales climbed 3% in the quarter, compared to 4% in the year-ago period. Gross margins declined 0.9% to 28.5%.

Shares had fluctuated in pre-market trading then dropped 1% early this morning. 

"Within the quarter, TJX's merchandise margins came in on the higher side again, validating our thesis that the company's off-price model can thrive in this retail environment," wrote Cramer.

TJX's results come on the heels of the previous week's weak wave of earnings reports from department stores including J.C. Penney Co. Inc. (JCP) , Macy's Inc. (M) , Kohl's Corp. (KSS) and Nordstrom Inc. (JWN) , as malls increasingly see traffic declines and heightened promotional activity.

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