The TJX Companies

TJX

US8725401090

Discount Stores

Market Closed - Nyse Other stock markets 04:00:02 2024-05-10 pm EDT			5-day change	1st Jan Change
98.81 ^USD	-0.10%		+3.89%	+5.33%

May. 06	Morgan Stanley Adjusts Price Target on TJX Companies to $113 From $118	MT
May. 02	Regency Centers beats quarterly FFO estimates, raises annual forecast	RE

The TJX Companies, Inc. Reports Above Plan Q2 FY24

August 17, 2023 at 11:07 am EDT

The TJX Companies, Inc. Reports Above Plan Q2 FY24.

Highlights:

* Q2 FY24 overall comp store sales increased 6%, well above the Company's plan, and were entirely driven by customer traffic

* Q2 FY24 comp store sales at Marmaxx increased 8% and were entirely driven by customer traffic; saw very strong sales in both its apparel and home businesses

* Q2 FY24 pretax profit margin was 10.4%, up 1.2 percentage points versus last year and well above the Company's plan

* Q2 FY24 diluted earnings per share were $.85, up 23% versus last year and well above the Company's plan

* Returned $932 million to shareholders in Q2 FY24 through share repurchases and dividends

* Increases outlook for FY24 overall comp store sales, pretax profit margin, and earnings per share

FRAMINGHAM, Mass-- The TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide, today announced sales and operating results for the second quarter ended July 29, 2023. Net sales for the second quarter of Fiscal 2024 were $12.8 billion, an increase of 8% versus the second quarter of Fiscal 2023. Overall comp store sales increased 6%. Net income for the second quarter of Fiscal 2024 was $1.0 billion and diluted earnings per share were $.85, up 23% versus $.69 in the second quarter of Fiscal 2023.

For the first half of Fiscal 2024, net sales were $24.5 billion, an increase of 6% versus the first half of Fiscal 2023. First half Fiscal 2024 overall comp store sales increased 4%. Net income for the first half of Fiscal 2024 was $1.9 billion. For the first half of Fiscal 2024, diluted earnings per share were $1.62 versus $1.18 in the first half of Fiscal 2023, an increase of 37%, and were up 19% versus last year's first half adjusted earnings per share of $1.36, which excluded an $.18 charge related to a write-down of the Company's minority investment in Familia.

CEO and President Comments

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, 'I am extremely pleased with our second quarter performance. Our comparable store sales increase of 6%, pretax profit margin, and earnings per share all significantly exceeded our plans. Our overall comp sales growth was driven by customer traffic, which increased at every division. It was terrific to see Marmaxx, our largest division, drive an 8% comp sales increase. Our overall apparel and accessories sales were very strong. Overall home sales significantly improved and returned to positive comp sales growth, with HomeGoods posting a 4% comp sales increase. TJX Canada and TJX International also both delivered comp sales growth and customer traffic increases. With our above-plan results, we are raising our full-year outlook for comparable store sales, pretax profit margin, and earnings per share. I want to recognize the sharp execution of our teams across TJX who focus every day on bringing customers around the world excellent values on great fashions and great brands and an exciting, treasure-hunt shopping experience. The third quarter is off to a very strong start and we are seeing tremendous off-price buying opportunities in the marketplace. We are in an outstanding position to continue shipping fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons. Going forward, we continue to see excellent opportunities to grow sales and customer traffic, capture market share, and drive the profitability of our Company.'

Comparable Store Sales (FY2024 and FY2023) and Open-Only Comparable Store Sales (FY2022)

The Company's comparable store sales by division in the second quarter of Fiscal 2024 and Fiscal 2023, and open-only comparable store sales by division in the second quarter of Fiscal 2022 were as follows:

Second Quarter: see full release at:

https://investor.tjx.com/news-releases/news-release-details/tjx-companies-inc-reports-above-plan-q2-fy24-comp-store-sales

The TJX Companies, Inc.

Debra McConnell

Global Communications

(508) 390-2323

Source: The TJX Companies, Inc.

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Company Profile

The TJX Companies, Inc. is No. 1 in America of discount retail distribution of clothing and household items. Net sales break down by family of products as follows: - apparel and accessories (46%); - home goods (39%): home furnishings, lamps, rugs decorative accessories, etc.; - jewelery and accessories (15%). At 30/01/2021, the group had a network of 4,572 stores located in the United States (3,305, of which 1,271 T.J. Maxx, 1,131 Marshalls, 821 HomeGoods, 48 Sierra and 34 Homesense), Canada (525, of which 280 Winners, 143 HomeSense and 102 Marshalls), Europe and Australia (742, of which 602 T.K. Maxx, 78 HomeSense and 62 Trade Secret). Net sales are distributed geographically as follows: the United States (79.2%), Europe and Australia (12%) and Canada (8.8%).

Sector

Discount Stores

Calendar

2024-05-14 - Ex-dividend day

Related indices

S&P 500

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