TJX Cos. sales, net income rise in 1Q

FRAMINGHAM, Mass. (AP) - Strong sales at the TJX Companies' discount stores helped send its first-quarter net income up more than 58 percent.

The operator of T.J. Maxx, Marshalls and other chains reported Tuesday that it earned $331.4 million, or 80 cents per share, for the quarter. That's up from $209.2 million, or 49 cents per share, a year earlier.

Its revenue grew 15 percent to $5 billion.

The results exceeded analysts' average forecast for profit of 78 cents per share on revenue of $4.95 billion.

The Framingham, Mass.-based company's revenue and net income climbed during the recession as shoppers traded down to its less expensive stores.

The company says it expects to earn $3.21 to $3.32 per share for the full fiscal year.