TJX posts lower-than-expected quarterly sales

TJX, the owner of off-price chains TJX Maxx and Marshalls, reported lower-than-expected quarterly revenue as sales of discretionary items such as apparel and home goods were weaker than expected.

The company's net sales rose 4.9 percent to $6.49 billion in the first quarter ended May 3, but fell short of the analysts' average expectation of $6.60 billion, according to Thomson Reuters I/B/E/S.

Net income inched up to $454.3 million, or 64 cents per share, from $452.9 million, or 62 cents per share, a year earlier.