UPDATE: TJX Reports Q1 Profit of $266 million

The TJX Companies TJX released its results for the first quarter on Tuesday. The company reported its Q1 profit at $266 million, or $0.67 per share, down from $331.4 million, or $0.80 per share, in the year-earlier period. Its adjusted profit dropped to $0.78 per share from $0.80 per share. The company's revenue surged to $5.22 billion, from $5.02 billion. However, analysts were expecting earnings of $0.80 per share on revenue of $5.2 billion. TJX projects its Q2 net income of $0.81 to $0.86 per share, based on Generally Accepted Accounting Principles. However, analysts expected earnings of $0.85 per share. The company projects 2012 adjusted earnings of $3.81 to $3.93 per share, versus analysts' estimates of $3.89 per share. TJX shares dropped 2.06% to $53.19 in pre-market trading. Read more from Benzinga's Company news.