TJX's 1Q14 Earnings Meet Estimates - Analyst Blog
22 5월 2013 - 3:03AM
Zacks
The TJX Companies, Inc. ’s (TJX) adjusted
earnings of 62 cents per share in the first quarter of fiscal 2014
were ahead of the year ago quarter by 13%. Earnings were in line
with the higher end of management’s guidance range of 60 cents to
62 cents and with the Zacks Consensus Estimate.
The earnings upside was fueled by higher consumer traffic on the
back of fresh stocks in the stores and solid comparable-store sales
growth for consecutive months.
Quarterly Details
Total net sales of this leading off-price retailer grew 7.0%
year over year to $6.2 billion in the reported quarter. Net sales
were roughly in line with the Zacks Consensus Estimate.
TJX Companies' consolidated comparable store sales increased
2.0% in the quarter compared to an 8% increase in the comparable
year ago quarter. The same store sales growth were driven by
same-store sales growth of 1% at Marmaxx, 7% at Home Goods, 4% at
TJX Europe. The growth however, was partly offset by a 1% decline
at TJX Canada.
Comparable-store sales grew on the back of strong customer
traffic driven by well-chosen stocks at the stores.
TJX Companies’ gross margin expanded 0.2 percentage points (pp)
from the prior-year quarter to 28.4%. The margin expansion was
mostly driven by increased merchandise sales margin.
Selling, general and administrative costs as a percentage of
sales increased 0.3 pp year on year to 16.5% in the first quarter,
driven by increased marketing spending and the impact of the
company’s e-commerce businesses.
Share Repurchase
During the first quarter 2013, the company spent a total of $300
million to repurchase 6.5 million common shares.
Outlook
For the fiscal 2014, the company narrowed its outlook and now
expects EPS in the range of $2.70 to $2.78 compared to a range of
$2.66 to $2.78 announced previously. The Zacks Consensus Estimate
for fiscal 2014 is $2.82, higher than the company’s guidance
range.
For the second quarter of 2014, the company expects earnings per
share in the range of 61 cents to 63 cents. The Zacks Consensus
Estimate for second quarter is pegged at 64 cents.
TJX currently holds a Zacks Rank #2 (Buy). Other stocks in the
retail and wholesale sector worth considering include Stein
Mart Inc. (SMRT) with a Zacks Rank #1 (Strong Buy),
The Gap Inc. (GPS) with a Zacks
Rank #2 (Buy) and The Buckle Inc. (BKE) also with
a Zacks Rank #2 (Buy).
BUCKLE INC (BKE): Free Stock Analysis Report
GAP INC (GPS): Free Stock Analysis Report
STEIN MART INC (SMRT): Free Stock Analysis Report
TJX COS INC NEW (TJX): Free Stock Analysis Report
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