TJX Rises to New 52-Week High - Analyst Blog
16 5월 2013 - 2:16AM
Zacks
Shares of the off-price apparel chain, The TJX
Company (TJX), reached a new 52-week high of $51.59 on
Tuesday, May 14, following the reports of strong sales for Apr
2013. They surpassed the previous 52-week high of $48.97 on Monday,
Apr 29.
The closing price of the textile retailer on May 14 was $51.45,
representing a solid 1-year return of about 21.2% and year-to-date
return of about 19.2%. Average volume of shares traded over the
last three months stands at approximately 4323K.
Growth Drivers
Consolidated same-store sales at The TJX Company
climbed 8% year over year in the four-week ended May 4, 2013.
Comparable-store sales in the period were at the higher end of the
guidance provided by management.
Total sales climbed 9% to $2.0 billion in the aforementioned
period. The growth is attributable to the strong customer traffic
at all the divisions of TJX driven by fresh spring collections.
Both apparel and home categories delivered strong results during
the month.
Following solid pick up in sales, the company refined its
guidance and expects earnings per share between 61 cents and 62
cents for the first quarter of 2014 instead of 60 cents and 62
cents as announced previously.
From May 2, 2013, TJX issued public offering of $500 million
aggregate principal amount of notes due 2023 bearing interest of
2.50% per annum. Although it will increase the company’s debt, the
company will use the net proceeds from the sale of the notes for
working capital and other general corporate purposes.
On Apr 2013, TJX announced that its board of directors has
approved a 26% hike in its regular quarterly dividend. This is the
17th consecutive year in which the company has hiked its quarterly
dividend.
TJX will now pay 14.5 cents dividend per share to its
shareholders compared to 11.5 cents paid earlier. The increased
dividend will be paid on Jun 6, 2013, to shareholders of record as
of May 16, 2013. The increased dividend reflects the company’s
sound financial position.
TJX Companies Inc. is an off-price global retailer of apparel
and home fashions. The company operates 2,906 stores in the U.S.,
Canada and Europe.
TJX currently carries a Zacks Rank #2 (Buy).
TJX COS INC NEW (TJX): Free Stock Analysis Report
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