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May 16 (Reuters) - TJX Cos Inc TJX.N , the owner of off-price chains T.J. Maxx and Marshalls, on Tuesday posted its slowest comparable-store sales growth in more than 10 quarters, adding to the gloom in the retail industry.
Shares of the company, which had remained a bright spot so far among brick-and-mortar retailers, fell 5.3 percent to $72.80 before the bell.
TJX's 1 percent rise in comparable store sales in the first quarter ended April 29 missed the 1.5 percent growth estimated by analysts polled by research firm Consensus Metrix.
The company attributed unfavorable weather in parts of the United States and Canada for a slowdown in sales at the beginning of the quarter, but said that demand picked up as the quarter progressed.
Comparable store sales in the company's Marmaxx unit, which houses T.J. Maxx and Marshalls, remained flat against an estimate of 1.5 percent growth.
TJX's report follows dismal results from retailers including Macy's Inc (NYSE:M) M.N and J.C. Penney Co Inc JCP.N that reported falling sales last week, as they struggled to attract customers amid a shift to online shopping. reported a 3.2 percent rise in sales to $7.78 billion in the quarter, from a year earlier.
Analysts on average had expected $7.88 billion, according to Thomson Reuters I/B/E/S. Framingham, Massachusetts-based company's net income rose to $536.3 million, or 82 cents per share, from $508.3 million, or 76 cents per share.