TJX Q1 profit drops slips on A.J. Wright closings

Framingham, Mass. -- TJX Cos. reported Tuesday that net income for the first quarter plummeted 20% on the closing of its A.J. Wright stores, but strong sales buoyed the retailer’s full-year forecasts.

TJX earned $266 million in the quarter ended April 30, compared with $331.4 million in the year-ago period. Revenue increased 4% to $5.22 billion, surpassing Wall Street's estimate of $5.14 billion.

Same-store sales increased 2%.

TJX raised the low end of forecast for full-year adjusted earnings.