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 2, 2015. Net sales for the first quarter of Fiscal 2016
increased 6% to $6.9 billion, and consolidated comparable store
sales increased 5%. Net income for the first quarter was $475
million, and diluted earnings per share were $.69, an 8% increase
over the prior year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “We are extremely pleased with our continued momentum
and first quarter performance. Our 5% consolidated comparable store
sales growth and 8% increase in earnings per share were both well
above our plan. Our outstanding values and exciting mix of apparel
and home fashions continue to resonate with shoppers across all of
our geographies. It was great to see that, similar to last quarter,
comp sales were almost entirely driven by customer traffic and we
had a significant increase in units sold. At the same time, we also
saw a strong increase in our merchandise margins. We were very
pleased that we achieved these strong results despite significant
foreign currency headwinds and while simultaneously investing in
our business to support our growth goals. Our underlying business
remains strong, our values are better than ever, and we have many
exciting initiatives planned for the remainder of the year to
continue driving sales and customer traffic. Further, we are
thrilled to see our retail brands becoming more powerful and
recognizable with consumers. We are raising our full year earnings
per share and comp sales guidance based on the strength of our
first quarter results. The second quarter is off to a very strong
start and we are confident in our ability to achieve our plans for
2015. We remain convinced that we have the right strategy in place
to achieve our long-term growth goals as TJX continues on the path
to becoming a $40 billion-plus global, value retailer!”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the first quarter, were as follows:
First Quarter First Quarter
Comparable Store Sales1,2
Net Sales ($ in millions)3,4
FY2016 FY2015 FY2016 FY2015
In the
U.S.:
Marmaxx5,6 +3% 0% $4,495 $4,235 HomeGoods +9%
+3% $880 $757
International:
TJX Canada +11% -1%
$620 $608 TJX Europe +3% +8%
$870 $891
TJX +5% +1% $6,866 $6,491
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in
currency exchange rates. 2Comparable store sales exclude Sierra
Trading Post, tjmaxx.com and tkmaxx.com sales. 3Sales in Canada and
Europe include the impact of foreign currency exchange rates. See
below. 4Figures may not foot due to rounding. 5Combination of T.J.
Maxx and Marshalls. 6Net 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 can have a material effect on the magnitude
of these translations and adjustments when there is significant
volatility in currency exchange rates.
The movement in foreign currency exchange rates had a three
percentage point negative impact on consolidated net sales growth
in the first quarter of Fiscal 2016 versus the prior year. The
overall net impact of foreign currency exchange rates had a $.04
negative impact on first quarter Fiscal 2016 earnings per share,
compared with a $.02 negative impact last year. The foreign
currency exchange rate impact to earnings per share does not
include the impact currency exchange rates have on various
transactions, which we refer to as “transactional foreign
exchange.”
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 2016, the Company’s consolidated
pretax profit margin was 11.1%, a 0.2 percentage point decrease
compared with the prior year’s 11.3% margin.
Gross profit margin for the first quarter of Fiscal 2016 was
28.3%, up 0.4 percentage points versus the prior year, primarily
due to strong merchandise margin improvement and, to a lesser
extent, buying and occupancy leverage.
Selling, general and administrative costs as a percent of sales
were 17.0%, up 0.5 percentage points versus the prior year’s ratio,
primarily due to a combination of higher employee payroll costs,
incremental investments and pension costs as the Company had
anticipated.
Inventory
Total inventories as of May 2, 2015, were $3.5 billion, compared
with $3.2 billion at the end of the first quarter last year.
Consolidated inventories on a per-store basis as of May 2, 2015,
including the distribution centers, but excluding inventory in
transit and the Company’s e-commerce businesses, were up 2% on a
reported basis (up 4% on a constant currency basis). The Company
enters the second quarter in an excellent inventory position to
take advantage of the plentiful buying opportunities it sees in the
marketplace.
Shareholder
Distributions
During the first quarter, the Company repurchased a total of
$415 million of TJX stock, retiring 6.1 million shares. The Company
continues to expect to repurchase approximately $1.8 to $1.9
billion of TJX stock in Fiscal 2016. The Company may adjust this
amount up or down depending on various factors. Additionally, the
Company increased its dividend by 20% in the first quarter. The
Company 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
2016 Outlook
For the second quarter of Fiscal 2016, the Company expects
diluted earnings per share to be in the range of $.72 to $.74
compared to $.73 last year. Excluding a $.02 debt extinguishment
charge in the second quarter of Fiscal 2015, this would represent a
1% to 4% decrease versus last year’s adjusted $.75 per share. This
guidance reflects an assumption that the combination of foreign
currency, transactional foreign exchange, investments in
Associates, incremental investments to support growth, and pension
costs would have a 9% negative impact on EPS growth. This EPS
outlook is based upon estimated consolidated comparable store sales
growth of 2% to 3%.
The Company is raising its full year guidance to reflect its
strong first quarter results. For the fiscal year ending January
30, 2016, the Company now expects diluted earnings per share to be
in the range of $3.21 to $3.27 versus $3.15 in Fiscal 2015.
Excluding a $.01 debt extinguishment charge in Fiscal 2015, this
guidance would represent a 2% to 3% increase over the adjusted
$3.16 in Fiscal 2015. This guidance reflects an assumption that the
combination of foreign currency, transactional foreign exchange,
investments in Associates, incremental investments to support
growth, and pension costs would have an 8% negative impact on EPS
growth. This EPS outlook is now based upon a raised estimate of
consolidated comparable store sales growth of 2% to 3%.
The Company’s earnings guidance for the second quarter and full
year Fiscal 2016 assumes that currency exchange rates will remain
unchanged from the levels at the beginning of the second
quarter.
Stores by Concept
During the first quarter ended May 2, 2015, the Company
increased its store count by a net of 46 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 1,119 1,126 32.1
32.4 Marshalls 975 987
29.7 30.0 HomeGoods 487
498 12.1 12.4 Sierra
Trading Post 6 6 0.2
0.2
TJX Canada:
Winners 234
239 6.7 6.8
HomeSense 96 97 2.3
2.3 Marshalls 38 39
1.2 1.2
TJX Europe:
T.K. Maxx 407 416
12.6 12.8 HomeSense 33 33
0.7 0.7
TJX 3,395 3,441
97.5 98.7
*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 2,
2015, the end of the Company’s first quarter, the Company operated
a total of 3,441 stores in seven countries, the United States,
Canada, the United Kingdom, Ireland, Germany, Poland, and Austria,
and three e-commerce sites. These include 1,126 T.J. Maxx, 987
Marshalls, 498 HomeGoods and 6 Sierra Trading Post stores, as well
as tjmaxx.com and sierratradingpost.com in the United States; 239
Winners, 97 HomeSense, and 39 Marshalls stores in Canada; and 416
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 2016 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 2016 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 26, 2015,
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, training and retention; labor
costs and workforce challenges; economic conditions and consumer
spending; data security; information systems and new technology;
adverse or unseasonable weather; serious disruptions or
catastrophic events; seasonal influences; 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 2,
2015
May 3,
2014
Net sales
$ 6,865,637
$ 6,491,176 Cost of sales,
including buying and occupancy costs 4,920,241 4,678,000 Selling,
general and administrative expenses 1,168,657 1,073,050 Interest
expense, net
11,624 9,595
Income before provision for income taxes 765,115 730,531
Provision for income taxes
290,514
276,214 Net income
$
474,601 $ 454,317
Diluted earnings per share $ 0.69 $ 0.64 Cash dividends
declared per share $ 0.21 $ 0.175 Weighted average common
shares – diluted 691,206 712,902
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
May 2,
2015
May 3,
2014
ASSETS Current assets: Cash and cash equivalents $ 2,260.0 $
2,059.3 Short-term investments 328.8 259.9 Accounts receivable and
other current assets 604.1 574.7 Current deferred income taxes, net
147.6 133.1 Merchandise inventories
3,531.6
3,208.5 Total current assets
6,872.1 6,235.5 Property,
net of depreciation 3,936.7 3,645.6 Other assets 247.8 236.7
Goodwill and tradename, net of amortization
309.3 312.1 TOTAL ASSETS
$ 11,365.9 $
10,429.9 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 2,153.3 $ 1,956.4 Accrued
expenses and other current liabilities
1,983.2
1,748.9 Total current liabilities
4,136.5 3,705.3 Other
long-term liabilities 878.4 691.9 Non-current deferred income
taxes, net 436.8 475.0 Long-term debt 1,623.9 1,274.2
Shareholders’ equity
4,290.3
4,283.5 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$ 11,365.9 $
10,429.9
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
13 Weeks Ended May 2, 2015 May 3, 2014
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 474.6 $ 454.3
Depreciation and amortization 148.5 144.2 Deferred income tax
provision (17.7 ) (6.7 ) Share-based compensation 21.2 19.8
(Increase) in accounts receivable and other assets (46.0 ) (26.2 )
(Increase) in merchandise inventories (298.7 ) (226.0 ) Increase in
accounts payable 135.6 175.4 Increase (decrease) in accrued
expenses and other liabilities 49.6 (46.6 ) Other
(19.6 )
(5.2 ) Net cash
provided by operating activities
447.5
483.0 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (201.2 ) (193.4 ) Purchases of
investments (95.0 ) (92.8 ) Sales and maturities of investments
53.8 121.9
Net cash (used in) investing activities
(242.4
) (164.3 )
CASH FLOWS FROM FINANCING ACTIVITIES: Payments for repurchase of
common stock (419.9 ) (360.0 ) Proceeds from issuance of common
stock 37.3 20.5 Cash dividends paid (120.4 ) (102.1 ) Other
28.4 12.8 Net cash
(used in) financing activities
(474.6 )
(428.8 ) Effect of exchange rate
changes on cash
35.7
19.7 Net increase in cash and cash
equivalents (233.8 ) (90.4 ) Cash and cash equivalents at beginning
of year
2,493.8
2,149.7 Cash and cash equivalents at end
of period
$ 2,260.0 $
2,059.3
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
13 Weeks Ended May 2,
2015
May 3,
2014
Net sales: In the United States: Marmaxx $ 4,495,410
$ 4,234,755 HomeGoods 880,193 757,152 TJX Canada 620,212 608,420
TJX Europe
869,822 890,849
Total net sales
$ 6,865,637
$ 6,491,176 Segment profit: In the
United States: Marmaxx $ 652,303 $ 623,074 HomeGoods 121,299 98,205
TJX Canada 45,172 44,023 TJX Europe
26,355
38,261 Total segment profit 845,129 803,563
General corporate expenses 68,390 63,437 Interest expense,
net
11,624 9,595 Income
before provision for income taxes
$
765,115 $ 730,531
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
1. During the first quarter ended May 2, 2015, TJX repurchased
6.1 million shares of its common stock at a cost of $415 million.
In February 2015 the Company announced 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150519006223/en/
The TJX Companies, Inc.Media:Doreen Thompson,
508-390-2323orInvestors:Jeff Botte, 508-390-2323
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