T.J. Maxx Parent Raises Profit View as Cost Pressures Ease

TJX Companies Inc. lifted its annual profit forecast on Wednesday, banking on easing cost pressures to cushion a pullback in consumer spending on discretionary items.

The T.J. Maxx parent also missed first-quarter revenue estimates and joined bigger retailer Target Corp in forecasting a downbeat second quarter as sticky inflation forces consumers to rethink non-essential purchases such as furniture and kitchenware.

Consumers aren’t…