TJX reports strong May sales

TJX Cos., the Framingham-based retailer that operates such chains as T.J. Maxx, Marshalls, HomeGoods, and A.J. Wright, said that not only were its May sales "strong," but that they also exceeded expectations.

Sales for the four-week period that ended May 30 were $1.49 billion, up 4 percent from the same period a year ago; at stores open at least a year, a metric known as same-store sales, May 2009 sales increased 5 percent from sales in May 2008, said the company, which added that May 2009 sales were "adversely impacted by foreign currency exchange rates."

Same-store sales are closely watched by Wall Street analysts. TJX refers to same-store sales as "consolidated comparable store sales."

In a statement, TJX president and chief executive, Carol Meyrowitz, said: "Our consolidated comparable store sales increase of 5 percent in May exceeded our expectations, as our strong value equation continued to resonate with customers and boost customer traffic. The month started out well, and sales trends improved further as the month progressed. Our strategy of running the business with lean inventories supports our close-to-need buying, and we are flowing extremely fresh fashions to our stores. One month into the quarter, we remain very comfortable with our previously anticipated range of second quarter earnings per share from continuing operations of $.43 - $.49, compared with $.48 in the prior year."
(By Chris Reidy, Globe staff)