TJX jumps 4% to a new high after earnings — here's what investors love about the report

TJX Companies shares climbed to an all-time high Wednesday after reporting better-than-expected fiscal first-quarter results Wednesday. The report showcased the off-price retailer's appeal to bargain-hunting shoppers and prompted us to boost our price target on the stock. Total revenue for the three months ended May 4 advanced 6% year over year, to $12.48 billion, exceeding analysts' forecasts of $12.46 billion, according to estimates compiled by LSEG.

That's above the $841 million returned in the year-ago period . The company last month announced a 13% increase to its quarterly dividend payout. Our investment thesis is fully intact. TJX's goal isn't to just provide cheap goods. It's about offering "good, better and best" products that appeal to a broad group of shoppers, as Herrman explained on the call.

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