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 3, 2014. Net sales for the first quarter of Fiscal 2015
increased 5% to $6.5 billion, and consolidated comparable store
sales increased 1%. Net income for the first quarter was $454
million, and diluted earnings per share were $.64 versus last
year’s $.62.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “For the first quarter, our consolidated comparable
store sales increased 1%, and our earnings per share of $.64 were
slightly below our expectations with a negative impact from foreign
currency exchange rates that was larger than our guidance assumed.
While sales were not as strong as we would have liked,
predominantly in our apparel business, I was very pleased that
overall business trends improved as the quarter progressed.
Further, our inventories and expenses were well managed, which
helped protect our margins. We enter the second quarter in an
excellent position. We like our lean inventory levels, which enable
us to capitalize on the plentiful buying opportunities we are
seeing in the marketplace and ship great fashions, brands and
quality merchandise to our stores at amazing values. Additionally,
we have exciting marketing initiatives planned to drive customer
traffic. We are very confident in our ability to achieve our plans
for the remainder of 2014 and beyond as we continue to bring value
around the world!”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the first quarter, were as follows:
First
Quarter First Quarter Comparable Store
Sales1
Net Sales ($ in millions)2,3
FY2015 FY2014 FY2015 FY2014
In the
U.S.:
Marmaxx4,5 0% +1% $4,235 $4,136
HomeGoods +3% +7% $757 $690
International:
TJX Canada -1% -1% $608
$645 TJX Europe +8% +4% $891 $719
TJX +1% +2% $6,491 $6,190
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 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 2015 versus the prior year. The overall net impact of
foreign currency exchange rates had a $.02 negative impact on first
quarter Fiscal 2015 earnings per share, compared with a $.01
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, tjx.com.
Margins
For the first quarter of Fiscal 2015, the Company’s consolidated
pretax profit margin was 11.3%, a 0.5 percentage point decrease
compared with the prior year’s 11.8% margin. Gross profit margin
for the first quarter of Fiscal 2015 was 27.9%, down 0.5 percentage
points versus the prior year. This decline was primarily due to
lower merchandise margins versus strong improvement last year and
expense deleverage on the 1% consolidated comparable store sales
increase. Selling, general and administrative costs as a percent of
sales were 16.5%, unchanged from the prior year.
Inventory
Total inventories as of May 3, 2014, were $3.2 billion, compared
with $3.1 billion at the end of the first quarter last year.
Consolidated inventories on a per-store basis as of May 3, 2014,
including the distribution centers, but excluding inventory in
transit and the Company’s e-commerce businesses, were flat on a
reported basis (down 1% on a constant currency basis). The Company
enters the second quarter with lean inventory levels and well
positioned to take advantage of the plentiful buying opportunities
for branded, quality merchandise it is seeing in the
marketplace.
Shareholder
Distributions
During the first quarter, the Company repurchased a total of
$360 million of TJX stock, retiring 6.0 million shares. The Company
continues to expect to repurchase approximately $1.6 to $1.7
billion of TJX stock in Fiscal 2015. The Company may adjust the
amount of this spending up or down depending on various factors.
Additionally, the Company increased its dividend by 21% 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
2015 Outlook
For the second quarter of Fiscal 2015, the Company expects
diluted earnings per share to be in the range of $.70 to $.74 which
would represent a 6% to 12% increase over last year’s $.66 per
share. This outlook is based upon estimated consolidated comparable
store sales growth of 2% to 3%.
The Company is updating its full year guidance to reflect its
first quarter results. For the fiscal year ending January 31, 2015,
the Company now expects diluted earnings per share to be in the
range of $3.05 to $3.17 versus $2.94 in Fiscal 2014. Excluding an
$.11 tax benefit in Fiscal 2014, this guidance would represent an
8% to 12% increase over the adjusted $2.83 in Fiscal 2014. This
outlook continues to be 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 2015 assumes that currency exchange rates will remain
unchanged from current levels.
Stores by Concept
During the first quarter ended May 3, 2014, the Company
increased its store count by a net of 37 stores. The Company
increased square footage by 4% 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 1,079 1,085 31.2 31.3
Marshalls 942 947 28.9 29.0 HomeGoods
450 458 11.3 11.4 Sierra Trading Post
4 4 0.1 0.1
TJX Canada:
Winners 227
230 6.6 6.7 HomeSense 91 92
2.2 2.2 Marshalls 27 32 0.8
1.0
TJX Europe:
T.K. Maxx 371 380 11.6
11.9 HomeSense 28 28 0.6 0.6
TJX 3,219 3,256 93.3 94.3
*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. As of May 3,
2014, the end of the Company’s first quarter, the Company operated
a total of 3,256 stores in six countries, the United States,
Canada, the United Kingdom, Ireland, Germany, and Poland, and three
e-commerce sites. These include 1,085 T.J. Maxx, 947 Marshalls, 458
HomeGoods and 4 Sierra Trading Post stores, as well as tjmaxx.com
and sierratradingpost.com, in the United States; 230 Winners, 92
HomeSense, and 32 Marshalls stores in Canada; and 380 T.K. Maxx and
28 HomeSense stores, as well as tkmaxx.com, in Europe. TJX’s press
releases and financial information are also available at
tjx.com.
Fiscal 2015 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 2015 results, operations and
business trends. A real-time webcast of the call will be available
to the public at tjx.com. A replay of the call will also be
available by dialing (866) 367-5577 through Tuesday, May 27, 2014,
or at 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 this press release. 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 in the Investor Information section of 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 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 and business expansion and
management of large size and scale; customer trends and
preferences; 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 retail 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; mergers, acquisitions or, business investments
and divestitures, closings or business consolidations; 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 3, 2014 May 4, 2013
Net sales
$ 6,491,176 $
6,189,609 Cost of sales, including buying and
occupancy costs 4,678,000 4,433,533 Selling, general and
administrative expenses 1,073,050 1,018,909 Interest expense, net
9,595 5,282 Income
before provision for income taxes 730,531 731,885 Provision for
income taxes
276,214
278,995 Net income
$
454,317 $ 452,890
Diluted earnings per share $ 0.64 $ 0.62 Cash dividends
declared per share $ 0.175 $ 0.145 Weighted average common
shares – diluted 712,902 732,555
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
May 3,2014
May 4,2013
ASSETS Current assets: Cash and cash equivalents $ 2,059.3 $
1,989.8 Short-term investments 259.9 238.0 Accounts receivable and
other current assets 574.7 549.1 Current deferred income taxes, net
133.1 107.7 Merchandise inventories
3,208.5
3,091.5 Total current assets
6,235.5 5,976.1 Property,
net of depreciation 3,645.6 3,273.3 Other assets 236.7 278.0
Goodwill and tradename, net of amortization
312.1 313.0 TOTAL ASSETS
$ 10,429.9 $
9,840.4 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 1,956.4 $ 1,846.6 Accrued
expenses and other current liabilities
1,748.9
1,652.0 Total current liabilities
3,705.3 3,498.6 Other
long-term liabilities 691.9 936.8 Non-current deferred income
taxes, net 475.0 368.2 Long-term debt 1,274.2 1,274.1
Shareholders’ equity
4,283.5
3,762.7 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$ 10,429.9 $
9,840.4
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
13 Weeks Ended
May 3,2014
May 4,2013
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 454.3 $
452.9 Depreciation and amortization 144.2 130.5 Deferred income tax
provision (6.7 ) 8.7 Share-based compensation 19.8 16.5 (Increase)
in accounts receivable and other assets (26.2 ) (5.4 ) (Increase)
in merchandise inventories (226.0 ) (84.9 ) Increase (decrease) in
accounts payable 175.4 (79.0 ) (Decrease) in accrued expenses and
other liabilities (46.6 ) (148.5 ) Other
(14.4
)
(10.1 ) Net cash provided by operating
activities
473.8
280.7 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (193.4 ) (238.5 ) Purchases of
short-term investments (81.8 ) (80.7 ) Sales and maturities of
short-term investments 120.1 75.0 Other
-
2.6 Net cash (used in) investing
activities
(155.1 )
(241.6
) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from
issuance of long-term debt - 499.6 Payments for repurchase of
common stock (360.0 ) (302.6 ) Proceeds from sale and issuance of
common stock 20.5 34.7 Cash dividends paid (102.1 ) (83.2 ) Other
12.8 10.6 Net
cash (used in) provided by financing activities
(428.8 ) 159.1
Effect of exchange rate changes on cash
19.7 (20.4 )
Net (decrease) increase in cash and cash equivalents (90.4 )
177.8 Cash and cash equivalents at beginning of year
2,149.7 1,812.0
Cash and cash equivalents at end of period
$
2,059.3 $ 1,989.8
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
13 Weeks Ended May 3, 2014 May 4, 2013 Net
sales: In the United States: Marmaxx $ 4,234,755 $ 4,135,749
HomeGoods 757,152 689,530 TJX Canada 608,420 645,496 TJX Europe
890,849 718,834 Total net
sales
$ 6,491,176 $
6,189,609 Segment profit: In the United States:
Marmaxx $ 623,074 $ 634,300 HomeGoods 98,205 89,063 TJX Canada
44,023 74,306 TJX Europe
38,261
16,364 Total segment profit 803,563 814,033
General corporate expenses 63,437 76,866 Interest expense, net
9,595 5,282 Income before
provision for income taxes
$ 730,531
$ 731,885
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
- During the first quarter ended May 3,
2014, TJX repurchased 6.0 million shares of its common stock at a
cost of $360 million. As of May 3, 2014, there was $610 million
remaining under the current $1.5 billion stock repurchase program
approved in February 2013 and on January 31, 2014 the Company’s
Board of Directors approved an additional $2 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 May 2, 2013 TJX issued $500 million
of 2.50% ten year notes. The Company used the proceeds from the
notes offering for working capital and other general corporate
purposes.
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.
Presented below is a reconciliation of reported and estimated
earnings per share:
FY 14 FY 15 Actual Guidance Low
High Diluted earnings per share, net income $2.94
$3.05 $3.17 year-over-year growth 15% 4% 8% Adjustments for
items impacting comparability: Tax benefits(1) (0.11)
- - Adjusted diluted earnings per share, net income $2.83
$3.05 $3.17 year-over-year growth (adjusted basis)
15% 8% 12%
(1) Due to reversal of state, federal and foreign tax reserves
and allowances.
The TJX Companies, Inc.Debra McConnellGlobal Communications(508)
390-2323
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