Shares of TJX Cos. (NYSE: TJX) fell in early trading after the discount retailer reported earnings that failed to impress Wall Street and gave guidance that fell short of expectations. The shares may still be worth adding to your portfolio.

Like Wal-Mart Stores Inc. (NYSE: WMT), TJX is benefiting from cash-strapped consumers eager to snap up the latest bargains. TJX, parent of TJ Maxx, is up 28% this year, outperforming Wal-Mart, which has gained more than 24%. The Massachusetts company currently trades at a forward price-to-earnings ratio of 15, below the Wal-Mart's ratio of 16. Wall Street analysts consider both stocks a buy.

Another thing in TJX's favor were the results in the quarter, which were spectacular. The company's net income tripled to $200.2 million, or 45 cents a share, a penny under Wall Street expectations. Revenue rose 7% to $4.6 billion, and consolidated comparable store sales increased 4% over last year.

The company expects to earn 59 to 62 cents in the third quarter on growth in same-store sales of 2% to 3%. Fourth quarter earnings are expected to be 79 to 81 cents. Analysts had forecast 62 cents and 79 cents for the respective quarters.

"In a very challenging retail environment, we delivered strong sales, merchandise margins and profit increases on top of very strong operating results last year," said Carol Meyerowitz, the company's chief executive officer, in the earninigs release.