The TJX Companies, Inc. Reports Above-Plan Q4 and FY17 Comp Sales and EPS Results; Q4 Comp Sales up 3% and FY17 Comp Sales up 5%; Announces Plans to Increase Dividend 20% and Buy Back $1.3B to $1.8B of Stock; Provides FY18 Guidance
-
Q4 net sales increased a strong 6% to $9.5 billion, over last
year’s 8% increase - Q4 diluted EPS of $1.03 compared with $.99 in the prior year
-
FY17 net sales increased a strong 7% to $33.2 billion, over last
year’s 6% increase - FY17 diluted EPS of $3.46 compared with $3.33 in the prior year
-
FY17 adjusted diluted EPS of $3.53, which excludes the negative
impact of $.07 from a third quarter debt extinguishment charge and a
pension settlement charge -
Returned $2.4 billion to shareholders in Fiscal 2017 through share
repurchases and dividends
FRAMINGHAM, Mass.–(BUSINESS WIRE)–The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of
apparel and home fashions in the U.S. and worldwide, today announced
sales and earnings results for the fourth quarter and fiscal year ended
January 28, 2017. Net sales for the fourth quarter of Fiscal 2017
increased 6% to $9.5 billion, over an 8% increase last year.
Consolidated comparable store sales for the fourth quarter increased 3%,
over last year’s 6% increase. Net income for the fourth quarter was $678
million and diluted earnings per share were $1.03, a 4% increase over
the prior year’s $.99.
For the 52-week fiscal year ended January 28, 2017, net sales were $33.2
billion, a 7% increase over last year’s 6% increase. Consolidated
comparable store sales increased a strong 5%, over last year’s 5%
increase. Net income for the fiscal year was $2.3 billion and diluted
earnings per share were $3.46, a 4% increase over last year’s $3.33.
Excluding a third quarter debt extinguishment charge and pension
settlement charge, which combined reduced earnings per share by $.07 per
share, adjusted earnings per share were $3.53, a 6% increase over the
prior year’s $3.33.
Ernie Herrman, Chief Executive Officer and President of The TJX
Companies, Inc., stated, “The year 2016 was another terrific year for
TJX on top of many great years! We were proud to mark our 40-year
milestone as a company and surpass $33 billion in sales! Our
consolidated comp sales increased a strong 5%, above our plan and over
5% growth last year, and earnings per share growth exceeded our
expectations. We also delivered a 7% increase in net sales, over a 6%
increase last year. We were particularly pleased that customer traffic
was the primary driver of our comp increases at every major division,
which tells us that our eclectic merchandise mix and amazing values
continue to resonate with consumers across our geographies. It was also
great to see a strong increase in our merchandise margin, over a very
solid increase last year. The year 2016 also marked our 21st
consecutive year of comp sales increases! We were also very pleased to
end the year with above-plan fourth quarter results. Our 3% consolidated
comp store sales increase and earnings per share of $1.03 both exceeded
our expectations. Once again, comp sales were driven by customer traffic
and our merchandise margin was up. Our fourth quarter and full year
results give us great confidence that we are growing our customer base
around the world and gaining market share across all our divisions!”
Herrman continued, “Looking ahead, we see many opportunities to continue
our successful growth and are pursuing many initiatives to keep driving
shoppers to our stores. We are making strategic investments in our
infrastructure, stores, and new seeds to strengthen our leadership
positions and allow us to capture additional market share in the U.S.
and internationally. Our management team is laser focused on achieving
our 2017 plans and, as always, passionate about surpassing them. We have
a clear, long-term vision for growth and are confident that we have the
right strategy, culture and people in place as we continue to grow TJX
as the only major international off-price retailer in the world!”
Shareholder Distributions
The Company intends to increase the regular quarterly dividend on its
common stock to be declared in April 2017 and payable in June 2017 to
$.3125 per share, subject to the approval of the Company’s Board of
Directors. This increase would represent a 20% increase in the current
per share dividend and mark the 21st consecutive year that
the Company has raised the dividend. Over this period of time, the
Company’s dividend has grown at a compound annual rate of 23%.
The Company also announced today its plan to repurchase approximately
$1.3 to $1.8 billion of TJX stock during the fiscal year ending February
3, 2018. With $1.8 billion remaining at Fiscal 2017 year end under the
Company’s existing stock repurchase program, the Company’s Board of
Directors approved a new stock repurchase program that authorizes the
repurchase of up to an additional $1.0 billion of TJX common stock from
time to time. The new authorization represents approximately 2% of the
Company’s outstanding shares at current prices. The new stock repurchase
program marks the 18th program approved by the Board since
1997. Over this period, the Company has spent approximately $18.0
billion on the repurchase of TJX stock. During the fourth quarter, the
Company spent a total of $525 million to repurchase TJX stock, retiring
6.9 million shares. In Fiscal 2017, the Company spent a total of $1.7
billion to repurchase TJX stock, retiring 22.3 million shares. Under the
Company’s repurchase plans, share repurchases may be made from time to
time in market or private transactions and may include derivative
transactions. The repurchase program announced today has no time limit
and may be suspended or discontinued at any time.
Ernie Herrman commented, “Our business continues to generate tremendous
amounts of cash and deliver strong financial returns. In Fiscal 2018, we
plan to continue investing to support our growth while distributing cash
to our shareholders. Our capital spending plans include investing in new
stores, store remodels, and our supply chain and infrastructure.
Simultaneously, we plan to significantly increase our regular quarterly
dividend and continue our share buyback program. All of these actions
underscore our confidence in our ability to continue delivering strong,
profitable sales across all of our major divisions and cash flow that
enables us to both fund our continued growth and return value to our
shareholders.”
Sales by Business Segment
The Company’s comparable store sales and net sales by division, in the
fourth quarter, were as follows:
| Fourth Quarter | Fourth Quarter | ||||||||||||
| Comparable Store Sales1,2 | Net Sales ($ in millions)3,4 | ||||||||||||
| FY2017 | FY2016 | FY2017 | FY2016 | ||||||||||
| Marmaxx (U.S.)5,6 | +3% | +6% | $6,029 | $5,720 | |||||||||
| HomeGoods (U.S.) | +5% | +7% | $1,329 | $1,180 | |||||||||
| TJX Canada | +4% | +14% | $873 | $781 | |||||||||
| TJX International (Europe & Australia) | +2% | +1% | $1,236 | $1,280 | |||||||||
| TJX | +3% | +6% | $9,468 | $8,962 | |||||||||
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in currency
exchange rates. 2Comparable store sales exclude Sierra
Trading Post, tjmaxx.com, tkmaxx.com and Trade Secret sales. 3Net
sales in Canada, Europe and Australia include the impact of foreign
currency exchange rates. See below. 4Figures may not foot due
to rounding. 5Combination of T.J. Maxx and Marshalls. 6Net
sales include Sierra Trading Post.
Sales by Business Segment (continued)
The Company’s comparable store sales and net sales by division for the
full year were as follows:
| Full Year | Full Year | ||||||||||||
| Comparable Store Sales1,2 | Net Sales ($ in millions)3,4 | ||||||||||||
| FY2017 | FY2016 | FY2017 | FY2016 | ||||||||||
| Marmaxx (U.S.)5,6 | +5% | +4% | $21,246 | $19,948 | |||||||||
| HomeGoods (U.S.) | +6% | +8% | $4,405 | $3,915 | |||||||||
| TJX Canada | +8% | +12% | $3,171 | $2,855 | |||||||||
| TJX International (Europe & Australia)7 | +2% | +4% | $4,362 | $4,227 | |||||||||
| TJX | +5% | +5% | $33,184 | $30,945 | |||||||||
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in currency
exchange rates. 2Comparable store sales exclude Sierra
Trading Post, tjmaxx.com, tkmaxx.com, and Trade Secret sales. 3Net
sales in Canada, Europe and Australia include the impact of foreign
currency exchange rates. See below. 4Figures may not foot due
to rounding. 5Combination of T.J. Maxx and Marshalls. 6Net
sales include Sierra Trading Post. 7FY2016 net sales include
Trade Secret since the acquisition on October 24, 2015.
Impact of Foreign Currency Exchange Rates
Changes in foreign currency exchange rates affect the translation of
sales and earnings of the Company’s international businesses into U.S.
dollars for financial reporting purposes. In addition, ordinary course,
inventory-related hedging instruments are marked to market at the end of
each quarter. Changes in currency exchange rates can have a material
effect on the magnitude of these translations and adjustments when there
is significant volatility in currency exchange rates.
The movement in foreign currency exchange rates had a one percentage
point negative impact on consolidated net sales growth in the fourth
quarter of Fiscal 2017 versus the prior year. The overall net impact of
foreign currency exchange rates had a $.04 negative impact on fourth
quarter Fiscal 2017 earnings per share, compared with a $.02 positive
impact last year.
The movement in foreign currency exchange rates had a two percentage
point negative impact on consolidated net sales growth for the full
Fiscal 2017 year versus the prior year. The overall net impact of
foreign currency exchange rates had a $.07 negative impact on full year
Fiscal 2017 earnings per share, compared with a neutral impact last year.
A table detailing the impact of foreign currency on TJX pretax earnings
and margins, as well as those of its international businesses, can be
found in the Investor Information section of the Company’s website, tjx.com.
The foreign currency exchange rate impact to earnings per share does not
include the impact currency exchange rates have on various transactions,
which we refer to as “transactional foreign exchange.”
Margins
For the fourth quarter of Fiscal 2017, the Company’s consolidated pretax
profit margin was 11.6%, a 0.3 percentage point decrease compared with
the prior year.
Gross profit margin for the fourth quarter of Fiscal 2017 was 28.3%,
down 0.4 percentage points versus the prior year. Merchandise margin was
up significantly, but was more than offset due to losses related to the
Company’s inventory hedges as well as incremental supply chain costs
versus last year. Selling, general and administrative costs as a percent
of sales were 16.7%, flat versus the prior year’s ratio.
For the full year Fiscal 2017, the Company’s consolidated pretax profit
margin was 11.2%. The third quarter debt extinguishment charge and
pension settlement charge reduced consolidated pretax profit margin by
0.3 percentage points. Excluding these charges, adjusted consolidated
pretax profit margin was 11.5%, a 0.3 percentage point decrease compared
with the prior year’s 11.8%.
Gross profit margin for Fiscal 2017 was 29.0%, up 0.2 percentage points
versus the prior year, and merchandise margin increased significantly.
Selling, general and administrative costs as a percent of sales were
17.4%, up 0.6 percentage points versus the prior year’s ratio, primarily
due to wage increases and investments to support growth.
Inventory
Total inventories as of January 28, 2017, were $3.6 billion, compared
with $3.7 billion at the end of the prior fiscal year. Consolidated
inventories on a per-store basis as of January 28, 2017, including the
distribution centers, but excluding inventory in transit and the
Company’s e-commerce businesses, were down 5% on a reported basis (down
4% on a constant currency basis). The Company enters the new fiscal year
in an excellent inventory position and is set up well to continue
shipping fresh, spring merchandise to its stores and take advantage of
the plentiful opportunities it is seeing in the marketplace.
Full Year and First Quarter Fiscal 2018 Outlook
For the 53-week fiscal year ending February 3, 2018, the Company expects
diluted earnings per share to be in the range of $3.80 to $3.89, which
represents a 10% to 12% increase over the prior year’s $3.46. The
Company’s full-year guidance includes an expected benefit of
approximately $.11 per share from the 53rd week in the
Company’s Fiscal 2018 calendar. Excluding this benefit, the Company
expects adjusted diluted earnings per share to be in the range of $3.69
to $3.78. This would represent a 5% to 7% increase over the prior year’s
adjusted $3.53, which excludes the combined $.07 impact of the debt
extinguishment charge and pension settlement charge (mentioned above).
This guidance reflects an assumption that wage increases will negatively
impact EPS growth by 2%. The Company also anticipates that the recent
change in accounting rules for share-based compensation will positively
impact EPS growth by 2%. This EPS outlook is based upon estimated
consolidated comparable store sales growth of 1% to 2%.
For the first quarter of Fiscal 2018, the Company expects diluted
earnings per share to be in the range of $.76 to $.78, compared to $.76
last year. This guidance reflects an assumption that wage increases will
negatively impact EPS growth by 3%. The Company also anticipates that
the combination of foreign currency and transactional foreign exchange
will positively impact EPS growth by 6% and the recent change in
accounting rules for share-based compensation will positively impact EPS
growth by an additional 1%. This EPS outlook is based upon estimated
consolidated comparable store sales growth of 0% to 1% versus last
year’s 7% increase.
The Company’s earnings guidance for the full year and first quarter
Fiscal 2018 assumes that currency exchange rates will remain unchanged
from the levels at the beginning of the first quarter.
Stores by Concept
During the fiscal year ended January 28, 2017, the Company increased its
store count by 198 stores. The Company increased square footage by 4%
over the same period last year.
| Store Locations | Gross Square Feet* | ||||||||||||
| FY2017 | FY2017 | ||||||||||||
| (in millions) | |||||||||||||
| Beginning | End | Beginning | End | ||||||||||
| In the U.S.: | |||||||||||||
| T.J. Maxx | 1,156 | 1,186 | 32.9 | 33.5 | |||||||||
| Marshalls | 1,007 | 1,035 | 30.4 | 31.0 | |||||||||
| HomeGoods | 526 | 579 | 13.0 | 14.2 | |||||||||
| Sierra Trading Post | 8 | 12 | 0.2 | 0.3 | |||||||||
| In Canada: | |||||||||||||
| Winners | 245 | 255 | 6.9 | 7.2 | |||||||||
| HomeSense | 101 | 106 | 2.4 | 2.5 | |||||||||
| Marshalls | 41 | 57 | 1.2 | 1.7 | |||||||||
| In Europe: | |||||||||||||
| T.K. Maxx | 456 | 503 | 13.8 | 15.0 | |||||||||
| HomeSense | 39 | 44 | 0.8 | 0.9 | |||||||||
| In Australia: | |||||||||||||
| Trade Secret | 35 | 35 | 0.8 | 0.8 | |||||||||
| TJX | 3,614 | 3,812 | 102.6 | 106.9 | |||||||||
|
*Square feet figures may not foot due to rounding. |
|||||||||||||
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and
home fashions in the U.S. and worldwide. As of January 28, 2017, the end
of the Company’s fiscal year, the Company operated a total of 3,812
stores in nine countries, the United States, Canada, the United Kingdom,
Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and
three e-commerce sites. These include 1,186 T.J. Maxx, 1,035 Marshalls,
579 HomeGoods and 12 Sierra Trading Post stores, as well as tjmaxx.com
and sierratradingpost.com
in the United States; 255 Winners, 106 HomeSense, and 57 Marshalls
stores in Canada; 503 T.K. Maxx and 44 HomeSense stores, as well as tkmaxx.com,
in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases
and financial information are also available at tjx.com.
Fourth Quarter and Fiscal 2017 Earnings
Conference Call
At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer and
President of TJX, will hold a conference call with stock analysts to
discuss the Company’s fourth quarter and full year Fiscal 2017 results,
operations, business trends, and plans for Fiscal 2018. A real-time
webcast of the call will be available to the public at tjx.com.
A replay of the call will also be available by dialing (866) 367-5577
through Wednesday, March 1, 2017, or at tjx.com.
Non-GAAP Financial Information
The Company has used non-GAAP financial measures in this press release.
Adjusted financial measures refer to financial information adjusted to
exclude from financial measures prepared in accordance with accounting
principles generally accepted in the United States (GAAP) items
identified in this press release. The Company believes that the
presentation of adjusted financial results provides additional
information on comparisons between periods including underlying trends
of its business by excluding certain items that affect overall
comparability. Non-GAAP financial measures should be considered in
addition to, and not as an alternative for, the Company’s reported
results prepared in accordance with GAAP.
Important Information at Website
Archived versions of the Company’s conference calls are available in the
Investors section of tjx.com after they
are no longer available by telephone as are reconciliations of non-GAAP
financial measures to GAAP financial measures and other financial
information. The Company routinely posts information that may be
important to investors in the Investors section at tjx.com.
The Company encourages investors to consult that section of its website
regularly.
Forward-looking Statement
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: Various statements made in this release are forward-looking and
involve a number of risks and uncertainties. All statements that address
activities, events or developments that we intend, expect or believe may
occur in the future are forward-looking statements. The following are
some of the factors that could cause actual results to differ materially
from the forward-looking statements: execution of buying strategy and
inventory management; operational and business expansion and management
of large size and scale; customer trends and preferences; various
marketing efforts; competition; personnel recruitment, training and
retention; labor costs and workforce challenges; data security;
information systems and new technology; economic conditions and consumer
spending; adverse or unseasonable weather; serious disruptions or
catastrophic events; disruptions in the second half of the fiscal year;
corporate and retail banner reputation; quality, safety and other issues
with merchandise; expanding international operations; merchandise
importing; commodity availability and pricing; fluctuations in currency
exchange rates; fluctuations in quarterly operating results and market
expectations; mergers, acquisitions, or business investments and
divestitures, closings or business consolidations; compliance with laws,
regulations and orders and changes in laws, regulations and applicable
accounting standards; outcomes of litigation, legal proceedings and
other legal or regulatory matters; tax matters; real estate activities;
cash flow and other factors that may be described in our filings with
the Securities and Exchange Commission. We do not undertake to publicly
update or revise our forward-looking statements even if experience or
future changes make it clear that any projected results expressed or
implied in such statements will not be realized.
|
The TJX Companies, Inc. and Consolidated Subsidiaries |
|||||||||||||||||
|
Financial Summary |
|||||||||||||||||
|
(Unaudited) |
|||||||||||||||||
|
(In Thousands Except Per Share Amounts) |
|||||||||||||||||
| 13 Weeks Ended | 52 Weeks Ended | ||||||||||||||||
|
January 28, |
January 30, |
January 28, |
January 30, |
||||||||||||||
| Net sales | $ | 9,467,647 | $ | 8,962,075 | $ | 33,183,744 | $ | 30,944,938 | |||||||||
| Cost of sales, including buying and occupancy costs | 6,786,777 | 6,388,192 | 23,565,754 | 22,034,523 | |||||||||||||
| Selling, general and administrative expenses | 1,577,595 | 1,497,119 | 5,768,467 | 5,205,715 | |||||||||||||
| Loss on early extinguishment of debt | – | – | 51,773 | – | |||||||||||||
| Pension settlement charge | – | – | 31,173 | – | |||||||||||||
| Interest expense, net | 9,616 | 10,963 | 43,534 | 46,400 | |||||||||||||
| Income before provision for income taxes | 1,093,659 | 1,065,801 | 3,723,043 | 3,658,300 | |||||||||||||
| Provision for income taxes | 415,731 | 399,335 | 1,424,809 | 1,380,642 | |||||||||||||
| Net income | $ | 677,928 | $ | 666,466 | $ | 2,298,234 | $ | 2,277,658 | |||||||||
| Diluted earnings per share | $ | 1.03 | $ | 0.99 | $ | 3.46 | $ | 3.33 | |||||||||
| Cash dividends declared per share | $ | 0.26 | $ | 0.21 | $ | 1.04 | $ | 0.84 | |||||||||
| Weighted average common shares – diluted | 657,386 | 674,676 | 664,432 | 683,251 | |||||||||||||
|
The TJX Companies, Inc. and Consolidated Subsidiaries |
|||||||||
|
Condensed Balance Sheets |
|||||||||
|
(Unaudited) |
|||||||||
|
(In Millions) |
|||||||||
|
January 28, |
January 30, |
||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 2,929.8 | $ | 2,095.5 | |||||
| Short-term investments | 543.2 | 352.3 | |||||||
| Accounts receivable and other current assets | 632.8 | 629.7 | |||||||
| Merchandise inventories | 3,645.0 | 3,695.1 | |||||||
| Total current assets | 7,750.8 | 6,772.6 | |||||||
| Property, net of depreciation | 4,483.0 | 4,137.6 | |||||||
| Other assets | 257.5 | 236.4 | |||||||
| Goodwill and tradename, net of amortization | 342.6 | 343.8 | |||||||
| TOTAL ASSETS | $ | 12,833.9 | $ | 11,490.4 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 2,230.9 | $ | 2,203.0 | |||||
| Accrued expenses and other current liabilities | 2,526.7 | 2,199.2 | |||||||
| Total current liabilities | 4,757.6 | 4,402.2 | |||||||
| Other long-term liabilities | 1,024.1 | 881.0 | |||||||
| Non-current deferred income taxes, net | 314.0 | 285.1 | |||||||
| Long-term debt | 2,227.6 | 1,615.0 | |||||||
| Shareholders’ equity | 4,510.6 | 4,307.1 | |||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 12,833.9 | $ | 11,490.4 | |||||
|
The TJX Companies, Inc. and Consolidated Subsidiaries |
|||||||||||
|
Condensed Statements of Cash Flows |
|||||||||||
|
(Unaudited) |
|||||||||||
|
(In Millions) |
|||||||||||
| 52 Weeks Ended | |||||||||||
|
January 28, |
January 30, |
||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income | $ | 2,298.2 | $ | 2,277.7 | |||||||
| Depreciation and amortization | 658.8 | 616.7 | |||||||||
| Loss on early extinguishment of debt | 51.8 | – | |||||||||
| Pension settlement charge | 31.2 | – | |||||||||
| Deferred income tax (benefit) provision | (5.5 | ) | 31.2 | ||||||||
| Share-based compensation | 102.3 | 94.1 | |||||||||
| (Increase) in accounts receivable and other assets | (32.8 | ) | (67.5 | ) | |||||||
| Decrease (increase) in merchandise inventories | 11.9 | (506.6 | ) | ||||||||
| Increase in accounts payable | 48.2 | 216.3 | |||||||||
| Increase in accrued expenses and other liabilities | 536.2 | 352.9 | |||||||||
| Other | (98.4 | ) | (77.5 | ) | |||||||
| Net cash provided by operating activities | 3,601.9 | 2,937.3 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Property additions | (1,024.7 | ) | (889.4 | ) | |||||||
| Purchases of investments | (717.0 | ) | (798.0 | ) | |||||||
| Sales and maturities of investments | 529.1 | 681.4 | |||||||||
| Other | (2.3 | ) | (57.0 | ) | |||||||
| Net cash (used in) investing activities | (1,214.9 | ) | (1,063.0 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Proceeds from issuance of long-term debt | 992.5 | – | |||||||||
| Payments on early extinguishment of debt | (425.6 | ) | – | ||||||||
| Payments for repurchase of common stock | (1,700.0 | ) | (1,828.3 | ) | |||||||
| Proceeds from issuance of common stock | 164.2 | 132.0 | |||||||||
| Cash dividends paid | (651.0 | ) | (544.3 | ) | |||||||
| Other | 58.0 | 64.7 | |||||||||
| Net cash (used in) financing activities | (1,561.9 | ) | (2,175.9 | ) | |||||||
| Effect of exchange rate changes on cash | 9.2 | (96.7 | ) | ||||||||
| Net increase (decrease) in cash and cash equivalents | 834.3 | (398.3 | ) | ||||||||
| Cash and cash equivalents at beginning of year | 2,095.5 | 2,493.8 | |||||||||
| Cash and cash equivalents at end of year | $ | 2,929.8 | $ | 2,095.5 | |||||||
|
The TJX Companies, Inc. and Consolidated Subsidiaries |
|||||||||||||||||
|
Selected Information by Major Business Segment |
|||||||||||||||||
|
(Unaudited) |
|||||||||||||||||
|
(In Thousands) |
|||||||||||||||||
| 13 Weeks Ended | 52 Weeks Ended | ||||||||||||||||
|
January 28, |
January 30, |
January 28, |
January 30, |
||||||||||||||
| Net sales: | |||||||||||||||||
| In the United States: | |||||||||||||||||
| Marmaxx | $ | 6,028,846 | $ | 5,720,427 | $ | 21,246,034 | $ | 19,948,227 | |||||||||
| HomeGoods | 1,329,135 | 1,179,806 | 4,404,607 | 3,915,221 | |||||||||||||
| TJX Canada | 873,296 | 781,428 | 3,171,127 | 2,854,617 | |||||||||||||
| TJX International | 1,236,370 | 1,280,414 | 4,361,976 | 4,226,873 | |||||||||||||
| Total net sales | $ | 9,467,647 | $ | 8,962,075 | $ | 33,183,744 | $ | 30,944,938 | |||||||||
| Segment profit: | |||||||||||||||||
| In the United States: | |||||||||||||||||
| Marmaxx | $ | 840,807 | $ | 812,588 | $ | 2,995,045 | $ | 2,858,780 | |||||||||
| HomeGoods | 197,782 | 181,334 | 613,778 | 549,318 | |||||||||||||
| TJX Canada | 91,475 | 97,301 | 413,417 | 375,306 | |||||||||||||
| TJX International | 90,472 | 124,420 | 235,519 | 316,939 | |||||||||||||
| Total segment profit | 1,220,536 | 1,215,643 | 4,257,759 | 4,100,343 | |||||||||||||
| General corporate expense | 117,261 | 138,879 | 408,236 | 395,643 | |||||||||||||
| Loss on early extinguishment of debt | – | – | 51,773 | – | |||||||||||||
| Pension settlement charge | – | – | 31,173 | – | |||||||||||||
| Interest expense, net | 9,616 | 10,963 | 43,534 | 46,400 | |||||||||||||
| Income before provision for income taxes | $ | 1,093,659 | $ | 1,065,801 | $ | 3,723,043 | $ | 3,658,300 | |||||||||
Contacts
The TJX Companies, Inc.
Media:
Doreen Thompson
(508)
390-2323
or
Investors:
Jeff Botte
(508) 390-2323
