Update shares, add management comments from conference call, analyst comment in paragraph 6

May 20 (Reuters) - TJX Cos TJX.N raised its annual comparable sales and profit forecasts on Wednesday, banking on resilient demand at its off-price retail stores as budget-conscious consumers increasingly shop for deals amid economic uncertainties.

Shares of the company rose 6% after it also raised its share buyback target to a range of $2.75 billion to $3.0 billion, from $2.50 billion to $2.75 billion earlier.

Lower-income consumers are increasingly shifting toward discount retailers like TJX, as economic uncertainty stemming from factors such as U.S. import tariffs, the Iran war, and job cuts linked to the AI boom forces them to tighten budgets.

While the TJ Maxx parent benefits from the trend, the discount retailer joined other companies in flagging a hit on its fiscal 2027 profit outlook from elevated fuel costs over the past few months due to the U.S.-Israeli war on Iran.

Meanwhile, the off-price retailer has been ramping up marketing to attract more customers, particularly toward new launches, and has capitalized on strong spring and summer fashion demand.

"TJX benefits across the income spectrum as they have succeeded in conveying the image that they do not sell cheap clothing, they sell expensive clothing cheap," Guggenheim Securities analyst Simeon Siegel said.

Its quarterly gross margin rose to 31.3% from 29.5%, supported by favorable inventory and fuel hedges.

It expects comparable store sales to grow between 3% and 4% in fiscal 2027, up from its prior forecast of 2% to 3% growth.

It also sees annual earnings per share between $5.08 and $5.15, up from its previous forecast of $4.93 to $5.02.

The company said it has filed for a tariff refund, but its outlook does not assume any potential gains from it.

The off-price retailer's first-quarter revenue of $14.32 billion, compared with estimates of $14 billion, according to data compiled by LSEG.

It earned $1.19 per share, topping estimates of $1.02 per share.