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 first quarter
ended May 4, 2013. Net sales for the first quarter of Fiscal 2014
increased 7% to $6.2 billion. Consolidated comparable store sales
for the quarter increased 2% over last year’s reported 8% increase.
Net income for the first quarter was $453 million. First quarter
diluted earnings per share were $.62, a 13% increase over last
year’s $.55, which represented a 41% increase over the prior year’s
adjusted EPS.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “We are very pleased with our first quarter results,
especially as they were achieved over the highest year-over-year
comparisons for quarterly comp sales and EPS growth of this year.
Consolidated comparable store sales increased 2% over an 8%
reported increase last year and earnings per share grew 13% over
last year’s adjusted 41% increase. We believe the flexibility of
our business model allowed us to achieve this growth despite the
unfavorable weather patterns across most of our regions for much of
the quarter. Flowing the right merchandise at the right time
continued to be key to strong merchandise margins. The second
quarter is off to a strong start and we are in an excellent
position to buy into the enormous opportunities for quality
merchandise that we are seeing in the marketplace. Longer term, we
remain very confident in our continued ability to grow sales and
profitability as we are well on the road to being a $40
billion-plus company!”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the first quarter, were as follows:
First
Quarter First Quarter Comparable Store
Sales1
Net Sales ($ in millions)2,3
FY2014 FY2013 FY2014 FY2013
In the
U.S.:
Marmaxx4,5 +1% +8% $4,136 $3,889
HomeGoods +7% +9% $690 $596
International:
TJX Canada -1% +6% $645
$640 TJX Europe +4% +13% $719 $673
TJX
+2% +8% $6,190 $5,798
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 include the
impact of foreign currency exchange rates. See below. 3Figures may
not foot due to rounding. 4Combination of T.J. Maxx and Marshalls.
5Net Sales for FY2014 include Sierra Trading Post.
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 affect the magnitude of these translations
and adjustments, and can have a material impact when there is
significant volatility in currency exchange rates.
The movement in foreign currency exchange rates had a neutral
impact on consolidated net sales growth in the first quarter of
Fiscal 2014 versus the prior year. The overall net impact of
foreign currency exchange rates had a $.01 per share negative
impact on first quarter Fiscal 2014 earnings per share, compared
with a $.01 per share negative 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, www.tjx.com.
Margins
For the first quarter of Fiscal 2014, the Company’s consolidated
pretax profit margin was 11.8%. This was flat to last year’s first
quarter margin, in which the consolidated pretax profit margin
increased significantly by 2.2 percentage points over the prior
year’s adjusted margin.
The gross profit margin for the first quarter of Fiscal 2014 was
28.4%, 0.2 percentage points above last year’s very strong margin.
This increase was primarily driven by strong merchandise margin
improvement.
Selling, general and administrative costs as a percent of sales
were 16.5% in the first quarter, a 0.3 percentage point increase
over last year’s ratio primarily due to increased marketing
spending and the impact of the Company’s e-commerce businesses.
Inventory
Total inventories as of May 4, 2013, were $3.1 billion, compared
with $2.9 billion at the end of the first quarter last year.
Consolidated inventories on a per-store basis, including the
distribution centers, but excluding the Company's e-commerce
businesses, at May 4, 2013, were down 3%. The Company enters the
second quarter with excellent inventory levels and in a great
position to buy into the enormous opportunities it is seeing in the
marketplace for quality merchandise.
Shareholder
Distributions
During the first quarter, the Company repurchased a total of
$300 million of TJX stock, retiring 6.5 million shares. The Company
continues to expect to repurchase approximately $1.3 billion to
$1.4 billion of TJX stock in Fiscal 2014. The Company may adjust
the amount of this spending up or down depending on various
factors. Additionally, the Company increased its dividend by 26% in
the first quarter, as it remains committed to returning cash to its
shareholders while reinvesting in the business to support the near-
and long-term growth of TJX.
Second Quarter and Full Year Fiscal
2014 Outlook
For the second quarter of Fiscal 2014, the Company expects
diluted earnings per share to be in the range of $.61 to $.63,
which would represent a 9% to 13% increase over last year’s $.56
per share. This outlook is based upon estimated consolidated
comparable store sales growth of 2% to 3%.
For the fiscal year ending February 1, 2014, the Company is
narrowing its expected range for diluted earnings per share to
$2.70 to $2.78 versus $2.55 in Fiscal 2013. Excluding the
approximately $.08 benefit from the 53rd week in the Company’s
Fiscal 2013 calendar, this guidance would represent a 9% to 13%
increase over the adjusted $2.47 in Fiscal 2013. This outlook is
based upon estimated consolidated comparable store sales growth of
1% to 2%.
The Company’s earnings guidance for the second quarter and full
year Fiscal 2014 assumes that currency exchange rates will remain
unchanged from current levels.
Stores by Concept
During the first quarter ended May 4, 2013, the Company
increased its store count by a net of 50 stores. The Company
increased square footage by 5% over the same period last year.
Store
Locations Gross Square Feet* First Quarter
First Quarter (in millions)
Beginning End Beginning
End In the U.S.:
T.J. Maxx 1,036 1,047
30.2 30.5 Marshalls 904 911 28.0
28.2 HomeGoods 415 426 10.4 10.7 Sierra
Trading Post 4 4 0.1 0.1
TJX
Canada:
Winners 222 226 6.5 6.6 HomeSense
88 89 2.1 2.1 Marshalls 14
21 0.5 0.7
TJX Europe:
T.K. Maxx 343
352 10.8 11.1 HomeSense 24 24
0.5 0.5
TJX 3,050 3,100 89.1
90.4
*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 1,047 T.J. Maxx, 911 Marshalls, 426 HomeGoods and 4 Sierra
Trading Post stores as well as SierraTradingPost.com in the United
States; 226 Winners, 89 HomeSense, and 21 Marshalls stores in
Canada; and 352 T.K. Maxx and 24 HomeSense stores in Europe. TJX’s
press releases and financial information are also available at
www.tjx.com.
Fiscal 2014 First 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 first quarter Fiscal 2014 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, May 28, 2013, or at
www.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 the attached appendix. 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 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: execution of buying strategy and
inventory management; operational expansion and management of large
size and scale; customer trends and preferences; market, banner,
geographic and category expansion; marketing, advertising and
promotional programs; competition; personnel recruitment and
retention and costs of labor; global economic conditions and
consumer spending; data security; information systems and new
technology; seasonal influences; adverse or unseasonable weather;
serious disruptions and catastrophic events; corporate and banner
reputation; merchandise quality and safety; expanding international
operations; merchandise importing; commodity pricing; fluctuations
in currency exchange rates; fluctuations in quarterly operating
results and market expectations; acquisitions, business investments
and divestitures; compliance with laws, regulations and orders;
changes in laws and regulations; outcomes of litigation, legal
matters and proceedings; 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 May 4, 2013 April 28, 2012
Net sales
$ 6,189,609
$ 5,798,086 Cost of sales,
including buying and occupancy costs 4,433,533 4,165,728 Selling,
general and administrative expenses 1,018,909 942,126 Interest
expense, net
5,282 8,827
Income before provision for income taxes 731,885 681,405
Provision for income taxes
278,995
262,205 Net income
$
452,890 $ 419,200
Diluted earnings per share $ 0.62 $ 0.55 Cash dividends
declared per share $ 0.145 $ 0.115 Weighted average common
shares – diluted 732,555 756,016
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
May 4,2013
April 28,2012
ASSETS Current assets: Cash and cash equivalents $ 1,989.8 $
1,563.7 Short-term investments 238.0 174.9 Accounts receivable and
other current assets 549.1 474.9 Current deferred income taxes, net
107.7 108.5 Merchandise inventories
3,091.5
2,909.8 Total current assets
5,976.1 5,231.8 Property
and capital leases, net of depreciation 3,273.3 2,827.7 Other
assets 278.0 263.6 Goodwill and tradename, net of amortization
313.0 180.0 TOTAL
ASSETS
$ 9,840.4 $
8,503.1 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 1,846.6 $ 1,757.9 Accrued
expenses and other current liabilities
1,652.0
1,393.8 Total current liabilities
3,498.6 3,151.7 Other
long-term liabilities 936.8 862.2 Non-current deferred income
taxes, net 368.2 382.9 Long-term debt 1,274.1 774.5
Shareholders’ equity
3,762.7
3,331.8 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$ 9,840.4 $
8,503.1
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
13 Weeks Ended
May 4,2013
April 28,2012
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 452.9 $
419.2 Depreciation and amortization 130.5 120.6 Deferred income tax
provision 8.7 10.9 Share-based compensation 16.5 14.3 (Increase)
decrease in accounts receivable and other assets (5.4 ) 6.1
(Increase) decrease in merchandise inventories (84.9 ) 57.5
(Decrease) increase in accounts payable (79.0 ) 100.9 (Decrease) in
accrued expenses and other liabilities (148.5 ) (15.3 ) Other
(10.1 )
(9.6 ) Net
cash provided by operating activities
280.7
704.6 CASH FLOWS FROM
INVESTING ACTIVITIES: Property additions (238.5 ) (254.3 )
Purchases of short-term investments (80.7 ) (92.9 ) Sales and
maturities of short-term investments 75.0 15.4 Other
2.6 0.2 Net cash
(used in) investing activities
(241.6 )
(331.6 ) CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt 499.6 - Payments for
repurchase of common stock (302.6 ) (297.3 ) Proceeds from sale and
issuance of common stock 34.7 28.3 Cash dividends paid (83.2 )
(70.8 ) Other
10.6
8.0 Net cash provided by (used in) financing
activities
159.1
(331.8 ) Effect of exchange rate changes on
cash
(20.4 )
15.4 Net increase in cash and cash
equivalents 177.8 56.6 Cash and cash equivalents at beginning of
year
1,812.0 1,507.1
Cash and cash equivalents at end of period
$ 1,989.8 $
1,563.7
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
13 Weeks Ended May 4, 2013 April 28, 2012 Net
sales: In the United States: Marmaxx $ 4,135,749 $ 3,889,058
HomeGoods 689,530 595,722 TJX Canada 645,496 640,209 TJX Europe
718,834 673,097 Total net
sales
$ 6,189,609 $
5,798,086
Segment profit:
In the United States: Marmaxx $ 634,300 $ 604,628 HomeGoods 89,063
69,433 TJX Canada 74,306 71,065 TJX Europe
16,364 11,729 Total segment profit
814,033 756,855 General corporate expenses 76,866 66,623
Interest expense, net
5,282
8,827 Income before provision for income taxes
$ 731,885 $
681,405
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
- During the first quarter ended May 4,
2013, TJX repurchased 6.5 million shares of its common stock at a
cost of $300 million. On February 5, 2013 the Board of Directors
approved an additional $1.5 billion stock repurchase program. 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.
- On December 21, 2012 TJX purchased
Sierra Trading Post (STP), an off-price internet retailer, for
approximately $200 million, which is subject to customary
post-closing adjustments. The operating results of STP since the
date of acquisition are not material and have been included with
our Marmaxx segment.
- On May 2, 2013 TJX issued $500 million
of 2.50% ten year notes. The Company intends to use the proceeds
from the notes offering for working capital and other general
corporate purposes.
The TJX Companies, Inc.Reconciliation of
GAAP and Non-GAAP measures
The Company reports its financial results in accordance with
accounting principles generally accepted in the U.S. (GAAP).
However, management believes that certain non-GAAP financial
measures used in managing the business may provide users of this
financial information additional meaningful comparisons between
current results and results in prior operating periods and
expectations for future periods. Management believes that these
non-GAAP financial measures can provide additional meaningful
reflection of underlying trends of the business because they
provide a comparison of historical information that excludes
certain items that impact overall comparability. Management also
uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company's
performance. The tables below provide supplemental non-GAAP
financial data and corresponding reconciliations to GAAP financial
measures. Non-GAAP financial measures should be viewed in addition
to, and not as an alternative for, the Company’s reported results
prepared in accordance with GAAP.
Results for Q1 FY12 reflect expenses related to the A.J. Wright
consolidation, including closing costs and additional operating
losses related to the closure of A.J. Wright stores not closed in
Q4 FY11, the costs related to the conversion of the former A.J.
Wright stores to other TJX banners and the costs related to grand
re-opening events when the stores re-opened. The following tables
show the reconciliation between Q1 GAAP measures and the adjusted
non-GAAP measures which exclude these items.
Reconciliation of Earnings Per Share from
Continuing Operations
First Quarter FY2014
FY2013 FY2012
Reported EPS $0.62 $0.55 $0.34 Y/Y
Growth
13% 62% Adjusted for non-operating
items: Impact of A.J. Wright Store Closing - - $0.04 Store
Conversion/Grand Re-Openings Costs
- -
$0.02
Adjusted EPS from continuing
operations
$0.62 $0.55 $0.39 Y/Y Growth (Adjusted Basis)
13% 41%
Reconciliation of Expense Ratios and Pre-Tax
Margin
US$
in Millions
Q1 Fiscal 2014 Q1 Fiscal 2013 Q1
Fiscal 2012 Q1 Fiscal 2012 As Reported As
Reported As Adjusted As Reported % to
% to % to % to $'s net sales $'s
net sales $'s net sales Adjustments $'s net sales
Net Sales $6,190 $5,798 $5,211 $(9) $5,220 Cost of
sales including buying and occupancy costs 4,434
71.6% 4,166
71.8% 3,811
73.1% (16) 3,827
73.3% Gross
Profit Margin 28.4% 28.2% 26.9% 26.7% Selling, general and
administrative expenses 1,019
16.5% 942
16.2% 892
17.1% (62) 954
18.3% Interest expense, net 5
0.1% 9
0.2% 9
0.2% 0 9
0.2%
Income before taxes
$732 11.8% $681
11.8% $499 9.6% $69
$430 8.2%
Note: Figures may not foot due to rounding.
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