TJX 1Q profit rises nearly 20 percent

BOSTON -- TJX Cos. says its first-quarter profit rose nearly 20 percent as it continues to draw shoppers increasingly looking for bargains in a tough economy.

The Framingham, Mass.-based discount retailer said Tuesday it earned $193.8 million, or 43 cents per share, in the quarter. That compares with a profit of $162.1 million, or 34 cents per share, a year earlier.

Not counting a $12 million tax benefit in this year's first quarter, TJX's profit was 41 cents per share, matching the consensus estimate of analysts surveyed by Thomson Financial.

TJX's revenue rose 6 percent in the latest period to $4.36 billion, just shy of analysts' forecast of $4.39 billion. Sales at stores open at least a year rose 3 percent.

The corporation owns eight discount companies including TJ Maxx and Marshalls.