UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
______________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): November 18, 2014
______________
THE TJX COMPANIES, INC.
(Exact
Name of Registrant as Specified in Its Charter)
DELAWARE
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1-4908
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04-2207613
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.)
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______________
770 Cochituate Road, Framingham, MA 01701
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(Address
of Principal Executive Offices) (Zip
Code)
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Registrant’s
telephone number, including area code: (508)
390-1000
N/A
(Former
name or former address,
if
changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 2.02. Results of Operations and Financial Condition
On November 18, 2014, The TJX Companies, Inc. issued a press release
that included financial results for the fiscal quarter ended November 1,
2014. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information contained in this report, and the exhibit attached
hereto, is being furnished and shall not be deemed to be “filed” for
purposes of Section 18 of, or otherwise regarded as filed under, the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor
shall it be deemed incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall
be expressly set forth by specific reference in such filing.
ITEM
9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1 Press Release of The TJX Companies, Inc. dated
November 18, 2014.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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THE TJX COMPANIES, INC.
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/s/ Scott Goldenberg
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Scott Goldenberg
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Chief Financial Officer
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Dated:
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November 18, 2014
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EXHIBIT INDEX
Exhibit Number
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Description
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99.1
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Press Release of The TJX Companies, Inc. dated November 18, 2014.
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4
Exhibit 99.1
The
TJX Companies, Inc. Reports Q3 FY15 Adjusted EPS Growth of 13% Over 21%
Last Year; Updates Full Year EPS Guidance
FRAMINGHAM, Mass.--(BUSINESS WIRE)--November 18, 2014--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 November 1, 2014. Net sales
for the third quarter of Fiscal 2015 increased 6% to $7.4 billion, and
consolidated comparable store sales increased 2% over last year’s 5%
increase. Net income for the third quarter was $595 million and diluted
earnings per share were $.85 compared with last year’s $.86 per share,
which included a tax benefit of $.11. Excluding this benefit, diluted
earnings per share increased 13% on an adjusted basis over last year’s
adjusted $.75 per share. The impact of foreign currency exchange rates
to this year’s third quarter earnings per share was neutral versus the
Company’s expectation of a $.01 per share benefit.
For the first nine months of Fiscal 2015, net sales were $20.8 billion,
a 6% increase over last year and consolidated comparable store sales
increased 2% over last year’s 3% increase. Net income for the first nine
months of Fiscal 2015 was $1.6 billion and diluted earnings per share
were $2.22. Excluding a second quarter debt extinguishment charge, which
rounded to a $.01 per share impact for the first nine months of Fiscal
2015, adjusted diluted earnings per share were $2.23, a 10% increase
over last year’s adjusted $2.03, which excludes the third quarter tax
benefit (referred to above) from reported diluted earnings per share of
$2.14.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc.,
stated, “I am very pleased with our third quarter performance. Our comp
sales increase of 2% was at the high end of our plan against 5% growth
last year, our strongest quarter of 2013. On an adjusted basis, we drove
a 13% EPS increase over 21% growth last year. We are particularly
pleased that customer traffic continued to gain momentum in the third
quarter despite unusually warm weather, which we believe dampened sales
throughout TJX Europe starting in September and hurt Marmaxx in
October. Having said that, the fourth quarter is off to a very strong
start. As we enter the holiday season, we believe our gift giving,
marketing and values are the most exciting that we have offered our
customers. We have many new in-store initiatives that we believe will
both surprise and delight our customers. We remain very confident in the
short- and long-term growth prospects for our business as we grow TJX to
a $40 billion-plus company.”
Sales by Business Segment
The Company’s comparable store sales and net sales by division, in the
third quarter, were as follows:
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Third Quarter
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Third Quarter
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Comparable Store Sales1
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Net Sales ($ in millions)2,3
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FY2015
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FY2014
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FY2015
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FY2014
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In the U.S.:
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Marmaxx4,5
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+1%
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+4%
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$4,674
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$4,484
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HomeGoods
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+7%
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+10%
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$851
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$740
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International:
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TJX Canada
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+3%
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+2%
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$792
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$786
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TJX Europe
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-1%
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+5%
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$1,050
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$972
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TJX
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+2%
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+5%
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$7,366
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$6,982
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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 third quarter of Fiscal 2015 versus
the prior year. The overall net impact of foreign currency exchange
rates was neutral on third quarter Fiscal 2015 earnings per share, the
same as last year’s neutral impact.
For the first nine months of Fiscal 2015, the movement in foreign
currency exchange rates had a neutral impact on consolidated net sales
growth. The overall net impact of foreign currency exchange rates had a
$.01 negative impact on earnings per share in the first nine months of
Fiscal 2015, compared with a neutral 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 third quarter of Fiscal 2015, the Company’s consolidated pretax
profit margin was 13.0%, up 0.4 percentage points over a strong increase
in the prior year. The gross profit margin for the third quarter of
Fiscal 2015 was 29.4%, up 0.1 percentage points versus strong growth the
prior year. Selling, general and administrative costs as a percent of
sales were 16.2% in the third quarter, a 0.4 percentage point
improvement from the prior year, due to items in the third quarter last
year and expense favorability.
Inventory
Total inventories as of November 1, 2014 were $4.0 billion, compared
with $3.7 billion at the end of the third quarter last year.
Consolidated inventories on a per-store basis as of November 1, 2014,
including the distribution centers, but excluding inventory in transit
and the Company’s e-commerce businesses, were up 2% on a reported basis
(up 3% on a constant currency basis) versus a 4% decrease last year as
the Company transitioned to gift giving a bit earlier than last year.
TJX enters the fourth quarter in an excellent position to capitalize on
the plentiful buying opportunities it is seeing in the marketplace and
ship ever-changing gift selections to its stores throughout the holiday
season.
Shareholder Distributions
During the third quarter, the Company repurchased a total of $448
million of TJX stock, retiring 7.5 million shares. For the first nine
months of Fiscal 2015, the Company spent a total of $1.2 billion in
repurchases of TJX stock, retiring 21.5 million shares, and it 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.
Fourth Quarter and Full Year Fiscal 2015 Outlook
For the fourth quarter of Fiscal 2015, the Company is updating its
diluted earnings per share guidance to be in the range of $.86 to $.90,
which would represent a 6% to 11% increase over last year’s $.81 per
share. This guidance now assumes an expected $.02 per share negative
impact from foreign currency exchange rates, versus the prior assumption
of foreign currency being neutral, as well as a $.02 per share negative
impact due to a combination of additional expenses and investments for
the future. The Company is maintaining its outlook for estimated
consolidated comparable store sales growth to be 1% to 2% and
merchandise margins to be up.
The Company is updating its full year guidance range to reflect its
third quarter results and fourth quarter guidance. On a reported basis,
for the fiscal year ending January 31, 2015, the Company now expects
diluted earnings per share to be in the range of $3.07 to $3.11 versus
$2.94 in Fiscal 2014. This guidance now assumes an expected $.03 per
share negative impact from foreign currency exchange rates, versus the
prior assumption of a $.01 per share negative impact. On an adjusted
basis, excluding the second quarter debt extinguishment charge (referred
to above) of an estimated $.02 per share, this guidance would be $3.09
to $3.13. This guidance for adjusted EPS would represent a 9% to 11%
increase over the prior year’s adjusted EPS of $2.83, which excludes the
$.11 per share tax benefit. Further, this outlook continues to be based
upon estimated consolidated comparable store sales growth of 1% to 2%.
The Company’s earnings guidance for the fourth quarter and full year
Fiscal 2015 assumes that currency exchange rates will remain unchanged
from the levels at the beginning of the fourth quarter.
Stores by Concept
During the third quarter ended November 1, 2014, the Company increased
its store count by a net of 106 stores. The Company increased square
footage by 4% over the same period last year.
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Store Locations
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Gross Square Feet*
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Third Quarter
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Third Quarter
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(in millions)
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Beginning
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End
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Beginning
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End
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In the U.S.:
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T.J. Maxx
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1,090
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1,113
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31.4
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32.0
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Marshalls
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956
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973
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29.3
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29.6
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HomeGoods
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464
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485
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11.6
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12.1
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Sierra Trading Post
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4
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6
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0.1
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0.2
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TJX Canada:
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Winners
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230
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234
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6.7
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6.7
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HomeSense
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92
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96
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2.2
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2.3
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Marshalls
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33
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38
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1.0
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1.2
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TJX Europe:
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T.K. Maxx
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382
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407
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12.0
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12.6
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HomeSense
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28
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33
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0.6
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0.7
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TJX
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3,279
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3,385
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94.8
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97.3
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*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 November 1, 2014, the end
of the Company’s third quarter, the Company operated a total of 3,385
stores in six countries, the United States, Canada, the United Kingdom,
Ireland, Germany, and Poland, and three e-commerce sites. These include
1,113 T.J. Maxx, 973 Marshalls, 485 HomeGoods and 6 Sierra Trading Post
stores, as well as tjmaxx.com and sierratradingpost.com, in the United
States; 234 Winners, 96 HomeSense, and 38 Marshalls stores in Canada;
and 407 T.K. Maxx and 33 HomeSense stores, as well as tkmaxx.com, in
Europe. TJX’s press releases and financial information are also
available at tjx.com.
Fiscal 2015 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 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, November 25, 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 are 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.
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The TJX Companies, Inc. and Consolidated Subsidiaries
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Financial Summary
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(Unaudited)
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(In Thousands Except Per Share Amounts)
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13 Weeks Ended
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39 Weeks Ended
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November 1, 2014
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November 2, 2013
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November 1, 2014
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November 2, 2013
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Net sales
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$
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7,366,066
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$
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6,981,876
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$
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20,774,454
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$
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19,613,909
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Cost of sales, including buying and occupancy costs
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5,203,629
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4,934,465
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14,817,485
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13,954,737
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Selling, general and administrative expenses
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1,193,297
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1,158,668
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3,389,105
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3,251,897
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Loss on early extinguishment of debt
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-
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-
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16,830
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-
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Interest expense, net
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10,040
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9,371
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30,785
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23,572
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Income before provision for income taxes
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959,100
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879,372
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2,520,249
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2,383,703
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Provision for income taxes
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364,143
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256,717
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953,351
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828,599
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Net income
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$
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594,957
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$
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622,655
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$
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1,566,898
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$
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1,555,104
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Diluted earnings per share
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$
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0.85
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$
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0.86
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$
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2.22
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$
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2.14
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Cash dividends declared per share
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$
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0.175
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$
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0.145
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$
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0.525
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$
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0.435
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Weighted average common shares – diluted
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701,005
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724,108
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706,122
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728,283
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The TJX Companies, Inc. and Consolidated Subsidiaries
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Condensed Balance Sheets
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(Unaudited)
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(In Millions)
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November 1, 2014
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November 2, 2013
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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2,153.6
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$
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2,010.8
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Short-term investments
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277.2
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251.3
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Accounts receivable and other current assets
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642.2
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595.9
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Current deferred income taxes, net
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123.0
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102.4
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Merchandise inventories
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3,958.6
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3,663.2
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Total current assets
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7,154.6
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6,623.6
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Property, net of depreciation
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3,849.8
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3,540.5
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Other assets
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276.9
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191.6
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Goodwill and tradename, net of amortization
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310.7
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313.5
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TOTAL ASSETS
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$
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11,592.0
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$
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10,669.2
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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2,554.4
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$
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2,346.4
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Accrued expenses and other current liabilities
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1,835.2
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1,697.4
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Total current liabilities
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4,389.6
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4,043.8
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Other long-term liabilities
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741.1
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831.1
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Non-current deferred income taxes, net
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463.7
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396.3
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Long-term debt
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1,623.8
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1,274.2
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Shareholders’ equity
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4,373.8
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4,123.8
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$
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11,592.0
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$
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10,669.2
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The TJX Companies, Inc. and Consolidated Subsidiaries
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Condensed Statements of Cash Flows
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(Unaudited)
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(In Millions)
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39 Weeks Ended
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November 1, 2014
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November 2, 2013
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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1,566.9
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$
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1,555.1
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Depreciation and amortization
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438.2
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407.3
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Loss on early extinguishment of debt
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16.8
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-
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Deferred income tax provision
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7.4
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|
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47.1
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Share-based compensation
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|
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67.7
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|
|
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56.6
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(Increase) in accounts receivable and other assets
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(87.4
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)
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|
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(46.8
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)
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(Increase) in merchandise inventories
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|
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(1,019.4
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)
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|
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(654.8
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)
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Increase in accounts payable
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800.0
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|
|
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417.7
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Increase (decrease) in accrued expenses and other liabilities
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|
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95.4
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|
|
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(85.9
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)
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Other
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|
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(73.3
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)
|
|
|
(62.9
|
)
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
1,812.3
|
|
|
|
1,633.4
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Property additions
|
|
|
(705.9
|
)
|
|
|
(759.3
|
)
|
Purchases of short-term investments
|
|
|
(297.7
|
)
|
|
|
(307.1
|
)
|
Sales and maturities of short-term investments
|
|
|
309.8
|
|
|
|
278.9
|
|
Other
|
|
|
-
|
|
|
|
2.7
|
|
Net cash (used in) investing activities
|
|
|
(693.8
|
)
|
|
|
(784.8
|
)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from issuance of long-term debt
|
|
|
749.5
|
|
|
|
499.6
|
|
Payments on early extinguishment of debt
|
|
|
(416.4
|
)
|
|
|
-
|
|
Payments for repurchase of common stock
|
|
|
(1,214.2
|
)
|
|
|
(998.1
|
)
|
Proceeds from issuance of common stock
|
|
|
90.3
|
|
|
|
117.7
|
|
Cash dividends paid
|
|
|
(345.7
|
)
|
|
|
(291.0
|
)
|
Other
|
|
|
45.9
|
|
|
|
53.5
|
|
Net cash (used in) financing activities
|
|
|
(1,090.6
|
)
|
|
|
(618.3
|
)
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
(24.0
|
)
|
|
|
(31.5
|
)
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
3.9
|
|
|
|
198.8
|
|
Cash and cash equivalents at beginning of year
|
|
|
2,149.7
|
|
|
|
1,812.0
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
2,153.6
|
|
|
$
|
2,010.8
|
|
|
|
|
|
|
|
|
|
|
|
The TJX Companies, Inc. and Consolidated Subsidiaries
|
Selected Information by Major Business Segment
|
(Unaudited)
|
(In Thousands)
|
|
|
|
13 Weeks Ended
|
|
39 Weeks Ended
|
|
|
November 1, 2014
|
|
November 2, 2013
|
|
November 1, 2014
|
|
November 2, 2013
|
Net sales:
|
|
|
|
|
|
|
|
|
In the United States:
|
|
|
|
|
|
|
|
|
Marmaxx
|
|
$
|
4,673,718
|
|
$
|
4,484,174
|
|
$
|
13,402,351
|
|
$
|
12,915,269
|
HomeGoods
|
|
|
851,045
|
|
|
739,537
|
|
|
2,381,268
|
|
|
2,119,190
|
TJX Canada
|
|
|
791,725
|
|
|
785,883
|
|
|
2,096,069
|
|
|
2,110,743
|
TJX Europe
|
|
|
1,049,578
|
|
|
972,282
|
|
|
2,894,766
|
|
|
2,468,707
|
Total net sales
|
|
$
|
7,366,066
|
|
$
|
6,981,876
|
|
$
|
20,774,454
|
|
$
|
19,613,909
|
|
|
|
|
|
|
|
|
|
Segment profit:
|
|
|
|
|
|
|
|
|
In the United States:
|
|
|
|
|
|
|
|
|
Marmaxx
|
|
$
|
679,929
|
|
$
|
658,369
|
|
$
|
1,988,617
|
|
$
|
1,940,647
|
HomeGoods
|
|
|
117,922
|
|
|
96,937
|
|
|
310,762
|
|
|
267,170
|
TJX Canada
|
|
|
136,480
|
|
|
128,692
|
|
|
275,527
|
|
|
293,774
|
TJX Europe
|
|
|
115,313
|
|
|
101,043
|
|
|
209,188
|
|
|
157,936
|
Total segment profit
|
|
|
1,049,644
|
|
|
985,041
|
|
|
2,784,094
|
|
|
2,659,527
|
|
|
|
|
|
|
|
|
|
General corporate expenses
|
|
|
80,504
|
|
|
96,298
|
|
|
216,230
|
|
|
252,252
|
Loss on early extinguishment of debt
|
|
|
-
|
|
|
-
|
|
|
16,830
|
|
|
-
|
Interest expense, net
|
|
|
10,040
|
|
|
9,371
|
|
|
30,785
|
|
|
23,572
|
Income before provision for income taxes
|
|
$
|
959,100
|
|
$
|
879,372
|
|
$
|
2,520,249
|
|
$
|
2,383,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The TJX Companies, Inc. and Consolidated Subsidiaries
Notes to
Consolidated Condensed Statements
-
During the third quarter ended November 1, 2014, TJX repurchased 7.5
million shares of its common stock at a cost of $448 million. During
the nine months ended November 1, 2014, TJX repurchased 21.5 million
shares of its common stock at a cost of $1.2 billion. 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.
In September 2014, TJX completed the
$1.5 billion stock repurchase program authorized in February 2013
under which TJX purchased 25.5 million shares of common stock.
-
On June 5, 2014 TJX issued $750 million of 2.75% seven year notes. The
Company used the proceeds to redeem its $400 million 4.20% notes prior
to their scheduled maturity of August 15, 2015 and intends to use the
balance of the proceeds from the notes offering for working capital
and other general corporate purposes. On July 8, 2014 the Company
completed the redemption of the 4.2% notes pursuant to the terms of
the indenture and recorded pre-tax loss on the early extinguishment of
debt of $16.8 million. The charge for the early extinguishment of this
debt reduced net income for the thirty-nine week period ended November
1, 2014 by $0.01 per share.
CONTACT:
The TJX Companies, Inc.
Debra McConnell
Global
Communications
(508) 390-2323
TJX Companies (NYSE:TJX)
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TJX Companies (NYSE:TJX)
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