TJX Cos., owner of the T.J. Maxx discount chain, fell the most in more than five years after posting first-quarter profit and sales that trailed analysts’ estimates.
The shares tumbled 7.6 percent to $53.95 at the close in New York for the biggest one-day drop since December 2008. TJX has slid 15 percent this year, compared with a 1.3 percent gain for the Standard & Poor’s 500 Index.
Profit in the quarter ended May 3 was 64 cents a share on sales of $6.49 billion, the Framingham, Massachusetts-based company said today in a statement. Analysts’ estimated profit of 67 cents on $6.6 billion in revenue.
U.S. retailers are trying to entice shoppers with steep discounts as still-shaky consumer confidence restrains spending and after harsh winter weather hurt traffic at malls and stores. Chief Executive Officer Carol Meyrowitz said today on a conference call that weather reduced same-store sales by as much as 4 percentage points in some areas of the country.