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Get filing alertsTJX reports Q1 beat with 29% EPS growth, raises full-year outlook on margin expansion
Filed May 20, 2026 · Period ending May 20, 2026 · ~1 min read
Key Changes
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high
Q1 EPS of $1.19 jumped 29% year-over-year on 6% comp sales growth and 12.0% pretax margin, well above internal plan across all metrics.
Exhibit 99.1 view on EDGAR → -
high
Pretax margin expanded 1.7 percentage points to 12.0% driven by higher merchandise margins, favorable inventory and fuel hedges, and expense leverage on above-plan sales.
Exhibit 99.1 view on EDGAR → -
high
Raised full-year FY27 guidance: comp sales now 3–4%, pretax margin 11.9–12.0%, and EPS $5.08–$5.15, though not flowing through full Q1 beat due to higher fuel cost assumptions.
Exhibit 99.1 view on EDGAR → -
medium
Returned $1.1 billion to shareholders in Q1 via $604 million in buybacks and $471 million in dividends; increased full-year buyback guidance to $2.75–$3.0 billion.
Exhibit 99.1 view on EDGAR → -
medium
Inventories up 7% per store to $7.7 billion, reflecting strong buying opportunities to support fresh spring and summer assortments.
Exhibit 99.1 view on EDGAR →
Summary
TJX delivered a strong first quarter for fiscal 2027, with earnings per share of $1.19 rising 29% year-over-year on net sales of $14.3 billion (up 9%) and comparable sales growth of 6%. The standout metric was pretax margin expansion of 1.7 percentage points to 12.0%, driven by improved merchandise margins, favorable hedges, and expense leverage. All results exceeded the company's internal plan.
Management raised full-year guidance across the board, now expecting comp sales growth of 3–4%, pretax margin of 11.9–12.0%, and EPS of $5.08–$5.15. The company noted it is not flowing through the entirety of Q1's outperformance due to an assumption of higher fuel costs for the remainder of the year.
TJX also increased its share buyback target to $2.75–$3.0 billion for the year, having already returned $1.1 billion to shareholders in Q1. The 7% per-store inventory increase reflects opportunistic buying to support fresh assortments heading into spring and summer. For retail holders, the combination of margin expansion, raised guidance, and aggressive capital returns signals strong operational momentum and confidence in the off-price model.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Net sales for the first quarter of Fiscal 2027 were $14.3 billion, an increase of 9% versus the first quarter of Fiscal 2026. First quarter Fiscal 2027 consolidated comparable sales increased 6%. Net income for the first quarter of Fiscal 2027 was $1.3 billion and diluted earnings per share were $1.19, up 29% versus $.92 in the first quarter of Fiscal 2026.
TJX reported strong first quarter fiscal 2027 results ending May 2, 2026. Net sales reached $14.3 billion, up 9% year-over-year, with comparable sales up 6%. Diluted earnings per share of $1.19 increased 29% from $0.92 in the prior-year quarter. All metrics exceeded the company's internal plan.
Added in current filing · view on EDGAR →
For the first quarter of Fiscal 2027, the Company’s pretax profit margin was 12.0%, well above the Company’s plan and 1.7 percentage points above last year’s first quarter pretax profit margin of 10.3%. Gross profit margin for the first quarter of Fiscal 2027 was 31.3%, up 1.8 percentage points versus last year’s 29.5%, driven by an increase in merchandise margin, a benefit from favorable inventory and fuel hedges, and expense leverage on sales.
TJX achieved a pretax profit margin of 12.0% in Q1 FY27, up 1.7 percentage points from 10.3% in the prior-year quarter and well above plan. The improvement was driven by higher merchandise margins, favorable inventory and fuel hedges, and expense leverage on above-plan sales. Gross profit margin expanded 1.8 percentage points to 31.3%.
Added in current filing · view on EDGAR →
For the full year Fiscal 2027, the Company is raising its consolidated comparable sales outlook to be up 3% to 4%. The Company is increasing its pretax profit margin outlook to be in the range of 11.9% to 12.0% and raising its diluted earnings per share outlook to be in the range of $5.08 to $5.15.
Based on strong Q1 performance, TJX raised its full-year fiscal 2027 guidance. The company now expects comparable sales growth of 3% to 4%, pretax profit margin of 11.9% to 12.0%, and diluted earnings per share of $5.08 to $5.15. Management noted they are not flowing through the entirety of Q1's above-plan performance due to an assumption of higher fuel costs for the remainder of the year.
Added in current filing · view on EDGAR →
Total inventories as of May 2, 2026 were $7.7 billion, compared to $7.1 billion at the end of the first quarter of Fiscal 2026. Consolidated inventories on a per-store basis as of May 2, 2026, including distribution centers, but excluding inventory in transit and the Company’s e-commerce sites, were up 7% on a reported basis, and up 6% on a constant currency basis, versus last year. The Company’s inventory position reflects the excellent buying opportunities it saw in the marketplace during the first quarter.
TJX ended Q1 with total inventories of $7.7 billion, up from $7.1 billion in the prior-year quarter. On a per-store basis, inventories increased 7% (6% on a constant currency basis). Management characterized the inventory build as reflecting excellent buying opportunities in the marketplace and positioned the company to flow fresh assortments for spring and summer.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 9, 2026 · How we verify