Executive Summary

• The TJX Companies reported fiscal 1Q19 adjusted EPS of $0.96, below the consensus estimate of $1.02. Revenues were $8.69 billion, up 11.6% year over year and beating the consensus estimate of $8.47 billion.
• Comps were up 3.0%, beating the 2.5% consensus estimate. Marmaxx comps of 4.0% beat the 2.3% consensus estimate, while comps for HomeGoods, TJX Canada and the International business were below consensus estimates.
• The company raised its FY19 revenue guidance to $37.7–$37.9 billion from $37.6–$37.8 billion previously. The company maintained its comp guidance of 1%–2% growth and raised the low end of its EPS guidance range; management now expects full-year EPS of $4.75–$4.83 versus $4.73–$4.83 previously. The consensus EPS estimate is $4.84.