UPDATE 1-TJX profit meets view; current quarter could beat

* Q1 EPS 49 cents meets Wall Street view

* Sees Q2 EPS 43 cts-49 cts; Wall Street expected 43 cts

* Shares up 3.8 percent

NEW YORK, May 19 (Reuters) - Off-price retailer TJX Cos Inc (TJX.N) reported a higher quarterly profit that met Wall Street expectations as cash-strapped consumers flocked to its stores.

The company, which runs the T.J. Maxx and Marshalls chains, also said on Tuesday that profit for the current second quarter could top the analysts' view, helping to send the retailer's shares up 3.8 percent in premarket trade.

Net income rose to $209.2 million, or 49 cents per share, in the first quarter ended on May 2 from $193.8 million, or 43 cents per share, a year earlier.

Analysts on average were expecting 49 cents per share after TJX raised its quarterly earnings forecast earlier this month to a range of 47 cents to 49 cents.

Sales rose 1 percent to $4.35 billion, even after a 6 percentage-point hit from the stronger U.S. dollar, which reduced the value of sales from overseas markets like Canada, Britain, Ireland and Germany.

Sales at stores open at least a year, or same-store sales, rose 2 percent.

TJX, which buys excess apparel, accessories and home goods in bulk and sells them at deep discounts, said it expected to earn 43 cents to 49 cents per share in the second quarter. Analysts on average were expecting 43 cents, according to Reuters Estimates.

TJX shares rose $1.06 to $29 in trading before the market opened. (Reporting by Martinne Geller; Editing by Lisa Von Ahn)