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TJX Companies Tumbles on Weak First Quarter, Full-Year Outlook

Shares of TJX Companies are tumbling Tuesday after the owner of discount retail chain T.J. Maxx missed earnings and revenue estimates in its first quarter. The company earned 64 cents a share, which though higher year over year, missed expectations by 3 cents. Meanwhile, revenue of just under $6.5 billion fell short of an expected 7% increase. Also pushing shares lower, management shaved 2 cents off its full-year earnings guidance, now expecting profits between $3.05 and $3.17 a share. That came in lower than analysts' consensus of $3.19 a share. The results compound negativity surrounding the retail sector Tuesday. Staples, Home Depot and Urban Outfitters each reported a weak quarter.