Off-price retailer TJX reported that first-quarter earnings soared 58% compared with the same period a year earlier. For the quarter ended April 28, TJX recorded a profit of $419.2m (£265.5m), up from $266m (£168.5m) in the prior year. Sales rose 11% to $5.8bn (£3.67bn) while gross margin climbed to 28.2% from 26.7% and like-for-like sales grew 8%.

The Marmaxx division, which combines TJ Maxx and Marshalls, generated like-for-like growth of 8% while HomeGoods posted a 9% increase. Like-for-like sales at TJX Canada and TJX Europe were up 6% and 13% respectively.

TJX has reported increased profits over the past year as the off-price operator continued to draw budget-conscious consumers to its stores.