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 third quarter
ended October 29, 2011.
Net sales for the third quarter of Fiscal 2012 increased 5% to
$5.8 billion and consolidated comparable store sales increased 3%.
Net income for the third quarter was $406 million and diluted
earnings per share were $1.06, up 15% over $.92 per share last
year.
For the first nine months of Fiscal 2012, net sales were $16.5
billion, a 6% increase over last year, and consolidated comparable
store sales increased 3% over the prior year. Net income was $1.0
billion, and diluted earnings per share were $2.63 compared to
$2.46 in the same period last year. A number of items (detailed
under “Items Impacting Comparability” below) impacted the
comparability of earnings per share for both periods. Excluding
these items, adjusted diluted earnings per share for the first nine
months of Fiscal 2012 were $2.74, a 12% increase over the adjusted
$2.45 in the prior year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “We are pleased with our strong overall third quarter
performance as our 15% increase in earnings per share was in line
with our expectations and achieved on top of a 14% increase last
year and 40% growth in the year before that. We achieved these
strong results despite unseasonably warm weather during the quarter
in many key regions of the U.S. and Canada, which hindered demand
for fall apparel. We are also encouraged by the progress we are
making at TJX Europe. Further, it's important to note that sales in
the U.S. picked up when the weather turned cooler and we ended the
quarter strongly.”
Meyrowitz commented on the fourth quarter, “Although it’s still
early, November is off to a strong start. We are excited about our
opportunities for the holiday selling season and the fourth
quarter: our inventory position allows us to buy into current
trends and ship fresh gift assortments continuously throughout the
season; we are ready with great gift initiatives; our marketing
campaigns will be seen by more people than ever before; and most of
all, we are about amazing value in the form of fashion, quality,
brand and price!”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the third quarter, were as follows:
Third Quarter Third
Quarter
Comparable Store Sales1
Net Sales ($ in millions)2,3
FY2012 FY2011 FY2012 FY2011
In the U.S.:
Marmaxx4
+4% +1% $3,790 $3,503 HomeGoods
+5% +3% $551 $480
International:
TJX Canada
-2% +3% $705 $667 TJX Europe 0%
-3% $747 $672
TJX5 +3% +1%
$5,793 $5,526
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in
currency exchange rates. 2Sales in Canada and Europe were impacted
by foreign currency exchange rates. See below. 3Figures may not
foot due to rounding. 4Combination of T.J. Maxx and Marshalls.
5Includes the former A.J. Wright segment, which had comparable
store sales of -2% and net sales of $205 million in Q3FY11.
Impact of Foreign Currency Exchange
Rates
Changes in foreign 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 affect the magnitude of these translations and adjustments,
and can have a material impact when there is significant volatility
in currency exchange rates, as there was in the third quarter.
The movement in foreign currency exchange rates had a 1
percentage point positive impact on consolidated net sales growth
in the third quarter of Fiscal 2012. For the first nine months of
Fiscal 2012, the movement of foreign currency exchange rates had a
1 percentage point positive impact on consolidated net sales
growth. The impact of foreign currency exchange rates on earnings
per share is discussed below under “Items Impacting
Comparability.”
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, www.tjx.com.
Items Impacting
Comparability
There were no items impacting comparability in the third quarter
of Fiscal 2012. However, the overall net impact of foreign currency
exchange rates had a $.03 positive impact on third quarter earnings
per share compared with a neutral impact last year.
For the first nine months of Fiscal 2012, certain items that
impacted comparability to the prior year are detailed in the table
below:
First Nine Months FY2012
FY2011
Reported EPS
$2.63 $2.46 Impact of A.J. Wright Closing .08
-
Store Conversion/Grand Re-Openings Costs .03
-
Impact of Computer Intrusion(s) Provision Adjustment
-
(.01) Adjusted EPS $2.74
$2.45
The Fiscal 2012 costs associated with closing A.J. Wright
stores, distribution centers and home office, and the sales,
operating expenses and operating losses associated with those
closures, which are recorded in the A.J. Wright segment, had a
significant effect on the comparability of the first nine months of
Fiscal 2012 to the prior year nine-month period. Additionally, the
Fiscal 2012 first quarter costs related to the conversion and grand
re-opening of certain former A.J. Wright stores to T.J. Maxx,
Marshalls and HomeGoods banners, which are recorded in the Marmaxx
and HomeGoods segments, also impacted year-over-year comparability
of the Fiscal 2012 nine-month period to the same period in the
prior year.
On a reported basis, diluted earnings per share for the first
nine months of Fiscal 2012 were $2.63 compared to $2.46 last year.
Excluding the items above, adjusted diluted earnings per share in
the first nine months of Fiscal 2012 were $2.74, a 12% increase
over last year’s adjusted $2.45.
Adjusted financial information, along with reconciliations of
this information to financial information prepared under GAAP, is
available in the investor information section of the Company’s
website, www.tjx.com.
Foreign currency exchange rates also impacted the comparability
of earnings per share for the first nine months of Fiscal 2012 to
the prior year’s first nine months. The overall net impact of
foreign currency exchange rates was a $.03 per share positive
impact on earnings per share in the first nine months of Fiscal
2012, compared with a $.01 per share negative impact last year.
Margins
For the third quarter of Fiscal 2012, the Company’s consolidated
pretax profit margin from continuing operations was 11.5%, up 0.7
percentage points compared to the prior year. The impact of
mark-to-market adjustments on the Company’s inventory-related
hedges contributed 0.2 percentage points to this increase.
The gross profit margin for the third quarter of Fiscal 2012 was
28.1%, 0.6 percentage points above the prior year. The increase is
primarily attributed to buying and occupancy leverage as well as
the 0.2 percentage point positive impact from mark-to-market
adjustments on the Company’s inventory-related hedges. Merchandise
margins were essentially flat on top of significant increases
cumulatively over the past three years.
Selling, general and administrative costs as a percent of sales
were 16.5% in the third quarter, unchanged from the prior year.
Inventory
Total inventories as of October 29, 2011, were $3.7 billion,
compared with $3.3 billion at the end of the third quarter of the
prior year. Consolidated inventories on a per-store basis,
including the distribution centers, at October 29, 2011, were up
14% versus being down 6% at the end of the third quarter last year.
The increase continues to be primarily due to large quantities of
available, branded, pack-away product, including merchandise
acquired at the end of the summer season. It’s important to note
that this increase is all in our distribution center inventories,
as store inventories remain down versus last year on a per-store
basis, and store turns continue to be faster than last year.
Furthermore, the Company’s forward inventory purchase commitments
are significantly lower than at this time last year. As a result,
the Company enters the fourth quarter with very liquid inventory
levels, positioning it well to take advantage of the excellent
buying opportunities in the marketplace. The Company expects total
inventories on a per-store basis at year end to be up in the low-
to mid-single-digit percentages compared with the prior year,
although this will ultimately depend upon the level of pack-away at
that time.
Share Repurchases
During the third quarter, the Company spent a total of $295
million in repurchases of TJX stock, retiring 5.5 million shares.
For the first nine months of Fiscal 2012, the Company has spent a
total of $968 million in repurchases of TJX stock, retiring 18.6
million shares, and continues to expect to repurchase approximately
$1.2 billion of TJX stock in Fiscal 2012. The Company may adjust
the amount of this spending up or down depending on various
factors.
Full Year and Fourth Quarter Fiscal
2012 Outlook
For the full year Fiscal 2012, on a GAAP basis, the Company now
expects earnings per share to be in the range of $3.82 to $3.86,
compared with $3.30 in earnings per share from continuing
operations in Fiscal 2011. On an adjusted basis, excluding the
items below, diluted earnings per share for the full year are
expected to be in the range of $3.93 to $3.97, which represents a
13% to 14% increase over the prior year’s adjusted earnings per
share from continuing operations of $3.49. This outlook is now
based upon consolidated comparable store sales growth of
approximately 3%.
Full Year FY2012E FY2011
EPS from continuing operations
$3.82 - $3.86 $3.30 Impact of Computer
Intrusion(s) Provision Adjustment - (.02) Impact of A.J. Wright
Closing* .08 .21 Store Conversion/Grand Re-Openings Costs
.03
-
Adjusted EPS from continuing operations $3.93 -
$3.97 $3.49
*The impact of the A.J. Wright closing differs in the full year
and fourth quarter of FY11 due to rounding.
Full Year and Fourth Quarter Fiscal
2012 Outlook, continued
For the fourth quarter of Fiscal 2012, on a GAAP basis, the
Company continues to expect earnings per share to be in the range
of $1.19 to $1.23, compared with $.83 in diluted earnings per share
from continuing operations last year. This expected range
represents a 13% to 17% increase over the prior year’s adjusted
diluted earnings per share from continuing operations of $1.05,
excluding the impact of the A.J. Wright consolidation in the fourth
quarter of Fiscal 2011.
Fourth Quarter FY2012E
FY2011
EPS from continuing operations
$1.19-$1.23 $.83 Impact of A.J. Wright
Closing*
-
$.22 Adjusted EPS from continuing operations
$1.19-$1.23 $1.05
*The impact of the A.J. Wright closing differs in the full year
and fourth quarter of FY11 due to rounding.
While this outlook for earnings per share is unchanged from
prior guidance, the Company has increased its comparable store
sales outlook from its previous range of 1% to 2% to a range of 2%
to 3%. The Company expects the benefit to earnings per share from
the higher expected comparable store sales to be offset by an
expected higher tax rate, as well as expected unfavorable foreign
currency exchange rates, compared to its original guidance.
The Company’s earnings guidance assumes that currency exchange
rates will remain unchanged from current levels.
More detailed information on the effects of the A.J. Wright
consolidation including store closings and costs related to
converting former A.J. Wright stores to other banners (including
grand re-opening costs) on Fiscal 2012 guidance is available in the
investor information section of the Company’s website, www.tjx.com.
Such information includes reconciliations to guidance for financial
information in accordance with GAAP.
Stores by Concept
During the third quarter ended October 29, 2011, the Company
increased its store count by a net of 52 stores. The Company
increased square footage by 1% over the same period last year.
Store
Locations Gross Square Feet* Third Quarter
Third Quarter (in millions)
Beginning End Beginning
End In the U.S.:
T.J. Maxx 963 980 28.3
28.7 Marshalls 875 884 27.3 27.5
HomeGoods 366 375 9.1 9.4
TJX
Canada:
Winners 216 218 6.3 6.4 HomeSense
82 85 2.0 2.0 Marshalls 5
6 0.2 0.2
TJX Europe:
T.K. Maxx 322 333
10.3 10.5 HomeSense 24 24 0.5
0.5
TJX 2,853 2,905 83.9 85.3
*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. The Company
operates 980 T.J. Maxx, 884 Marshalls, and 375 HomeGoods stores in
the United States; 215 Winners, 85 HomeSense, 6 Marshalls, and 3
STYLESENSE stores in Canada; and 333 T.K. Maxx and 24 HomeSense
stores in Europe. TJX’s press releases and financial information
are also available at www.tjx.com.
Fiscal 2012 Third Quarter Earnings
Conference Call
At 11:00 a.m. ET today, Carol Meyrowitz, Chief Executive Officer
of TJX, will hold a conference call with stock analysts to discuss
the Company’s third quarter Fiscal 2012 results, operations and
business trends. A real-time webcast of the call will be available
at www.tjx.com. A replay of the call will also be available by
dialing (866) 367-5577 through Tuesday, November 22, 2011 or at
www.tjx.com.
November 2011 Sales Recorded
Call
Additionally, the Company expects to release its November 2011
sales results on Thursday, December 1, 2011, at approximately 8:15
a.m. ET. Concurrent with that press release, a recorded message
with more detailed information regarding TJX’s November sales
results, operations and business trends will be available at
www.tjx.com, or by calling (703) 736-7248 through Thursday,
December 8, 2011.
Important Information at
Website
Archived versions of the Company’s recorded messages and
conference calls are available at the Investor Information section
of www.tjx.com after they are no longer available by telephone as
well as 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 Investor Information section at www.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: global economies and credit and
financial markets; foreign currency exchange rates; buying and
inventory management; market, geographic and category expansion;
customer trends and preferences; quarterly operating results;
marketing, advertising and promotional programs; data security;
seasonal influences; large size and scale; unseasonable weather;
serious disruptions and catastrophic events; competition; personnel
recruitment and retention; acquisitions and divestitures;
information systems and technology; cash flows; consumer spending;
merchandise quality and safety; merchandise importing;
international operations; commodity prices; compliance with laws,
regulations and orders; changes in laws and regulations; outcomes
of litigation and proceedings; real estate leasing; market
expectations; tax matters 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)
(Dollars In Thousands Except Per Share
Amounts)
Thirteen Weeks Ended Thirty-Nine Weeks
Ended
October 29,
2011
October 30,
2010
October 29,
2011
October 30,
2010
Net sales
$ 5,793,128
$ 5,525,847 $
16,481,697 $ 15,610,467
Cost of sales, including buying and occupancy costs
4,166,587 4,006,404 11,969,880 11,374,288 Selling, general and
administrative expenses 954,238 912,808 2,832,405 2,587,972
Provision (credit) for Computer Intrusion related costs - - -
(11,550 ) Interest expense, net
8,551
9,518 26,577
29,992 Income before provision for
income taxes 663,752 597,117 1,652,835 1,629,765 Provision for
income taxes
257,265
224,808 632,059
621,038 Net income
$
406,487 $ 372,309
$ 1,020,776 $
1,008,727 Diluted earnings per share: $
1.06 $ 0.92 $ 2.63 $ 2.46 Cash dividends declared per share
$ 0.19 $ 0.15 $ 0.57 $ 0.45 Weighted average common shares –
diluted (in thousands) 383,026 403,040 388,489 409,284
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
October 29,
2011
October 30,
2010
ASSETS Current assets: Cash and cash equivalents $ 956.9 $ 1,339.1
Short-term investments 71.7 130.0 Accounts receivable and other
current assets 602.3 519.7 Current deferred income taxes, net 81.2
34.9 Merchandise inventories
3,706.0
3,273.0 Total current assets
5,418.1 5,296.7 Property
and capital leases, net of depreciation 2,708.3 2,481.9 Other
assets 224.6 223.6 Goodwill and tradename, net of amortization
180.0 179.9 TOTAL
ASSETS
$ 8,531.0 $
8,182.1 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 2,048.4 $ 1,974.3 Accrued
expenses and other current liabilities
1,331.1
1,255.7 Total current liabilities
3,379.5 3,230.0 Other
long-term liabilities 731.3 760.6 Non-current deferred income
taxes, net 462.4 307.8 Long-term debt 774.5 774.4
Shareholders’ equity
3,183.3
3,109.3 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$ 8,531.0 $
8,182.1
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
Thirty-Nine Weeks Ended
October 29,
2011
October 30,
2010
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,020.8 $
1,008.7 Depreciation and amortization 356.9 341.1 Deferred income
tax provision 197.3 142.6 Share-based compensation 49.8 44.9
(Increase) in accounts receivable and other assets (142.5 ) (85.5 )
(Increase) in merchandise inventories (931.5 ) (719.7 ) Increase in
accounts payable 358.9 454.7 (Decrease) in accrued expenses and
other liabilities (46.7 ) (81.0 ) Other
(32.2 )
(6.6 ) Net cash provided by
operating activities
830.8
1,099.2 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (661.4 ) (540.4 ) Purchases of
short-term investments (112.8 ) (102.9 ) Sales and maturities of
short-term investments 117.7 108.8 Other
11.4
0.8 Net cash (used in) investing
activities
(645.1 )
(533.7 ) CASH FLOWS FROM FINANCING
ACTIVITIES: Payments for repurchase of common stock (974.8 ) (845.5
) Proceeds from sale and issuance of common stock 168.0 141.9 Cash
dividends paid (203.5 ) (170.0 ) Other
29.7
18.5 Net cash (used in) financing
activities
(980.6 )
(855.1
) Effect of exchange rate changes on cash
10.0 14.1 Net
(decrease) in cash and cash equivalents (784.9 ) (275.5 ) Cash and
cash equivalents at beginning of year
1,741.8
1,614.6 Cash and cash
equivalents at end of period
$ 956.9
$ 1,339.1
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
Thirteen Weeks Ended Thirty-Nine Weeks
Ended
October 29,
2011
October 30,
2010
October 29,
2011
October 30,
2010
Net sales: U.S. segments: Marmaxx $ 3,790,340 $ 3,502,670 $
10,969,135 $ 10,090,083 HomeGoods 551,066 479,859 1,569,658
1,392,603 A.J. Wright - 204,824 9,229 609,422 International
segments: TJX Canada 705,061 666,799 1,934,821 1,803,244 TJX Europe
746,661 671,695
1,998,854 1,715,115
Total net sales
$ 5,793,128
$ 5,225,847 $
16,481,697 $
15,610,467 Segment profit (loss): U.S.
segments: Marmaxx $ 501,559 $ 453,720 $ 1,471,462 $ 1,338,455
HomeGoods 63,128 44,545 146,059 120,314 A.J. Wright - (1,183 )
(49,291 ) 10,615 International segments: TJX Canada 125,936 113,844
254,328 249,925 TJX Europe
42,391
41,214 18,398
49,178 Total segment profit 733,014 652,140
1,840,956 1,768,487 General corporate expenses 60,711 45,505
161,544 120,280 Provision (credit) for Computer Intrusion related
costs - - - (11,550 ) Interest expense, net
8,551 9,518
26,577 29,992 Income
before provision for income taxes
$
663,752 $ 597,117
$ 1,652,835 $
1,629,765
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
- During the third quarter ended October
29, 2011, TJX repurchased 5.5 million shares of its common stock at
a cost of $295 million. For the nine months ended October 29, 2011,
TJX repurchased 18.6 million shares of its common stock at a cost
of $968 million. In June 2011, TJX completed the $1 billion stock
repurchase program authorized in February 2010 under which TJX
repurchased 20.6 million shares of common stock and began
repurchasing its stock under the repurchase program approved by
TJX’s Board of Directors in February 2011. TJX records the
repurchase of its stock on a cash basis, and the amounts reflected
in the financial statements may vary from the above amounts due to
the timing of settlement of repurchases.
- In the fourth quarter of fiscal 2011,
TJX’s Board of Directors approved the consolidation of its A.J.
Wright division whereby 90 A.J. Wright stores were converted into
T.J. Maxx, Marshalls or HomeGoods stores and the remaining 72
stores, its two distribution centers and home office were closed.
TJX commenced the liquidation process in the fiscal 2011 fourth
quarter and 20 stores had been closed as of January 29, 2011. All
of the remaining stores ceased operation by February 13, 2011. The
majority of the costs to consolidate A.J. Wright were recognized in
the fourth quarter of fiscal 2011. Because of the timing of the
store closings the remainder of the closing costs (primarily lease
related obligations) and additional operating losses were reported
as a $49 million A.J. Wright segment loss in the first quarter of
fiscal 2012. In addition, the first quarter of fiscal 2012 includes
costs related to the conversion of the 90 A.J. Wright stores to
other banners (primarily store payroll and occupancy costs during
the approximate eight to twelve week period in which the stores
were closed) and costs related to grand opening events when the
stores re-opened. These costs totaled $20 million with $17 million
reflected in the Marmaxx segment and $3 million in the HomeGoods
year to date segment results.
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