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): May 19, 2015
______________
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 May 19, 2015, The TJX Companies, Inc. issued a press release that
included financial results for the fiscal quarter ended May 2, 2015. 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 May
19, 2015.
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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May 19, 2015
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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 May 19, 2015.
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4
Exhibit 99.1
The
TJX Companies, Inc. Reports Above-Plan Q1 FY16 Results with 5% Comp
Sales
Growth and 8% Increase in Earnings Per Share; Raises Full Year EPS
and
Comp Guidance
FRAMINGHAM, Mass.--(BUSINESS WIRE)--May 19, 2015--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 $40
billion-plus global, value retailer!”
Sales by Business Segment
The Company’s comparable store sales and net sales by division, in the
first quarter, were as follows:
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First Quarter
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First Quarter
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Comparable Store Sales1,2
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Net Sales ($ in millions)3,4
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FY2016
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FY2015
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FY2016
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FY2015
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In the U.S.:
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Marmaxx5,6
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+3%
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0%
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$4,495
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$4,235
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HomeGoods
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+9%
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+3%
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$880
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$757
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International:
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TJX Canada
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+11%
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-1%
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$620
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$608
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TJX Europe
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+3%
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+8%
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$870
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$891
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TJX
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+5%
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+1%
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$6,866
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$6,491
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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. 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.
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Store Locations
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Gross Square Feet*
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First Quarter
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First 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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1,119
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1,126
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32.1
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32.4
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Marshalls
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975
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987
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29.7
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30.0
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HomeGoods
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487
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498
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12.1
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12.4
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Sierra Trading Post
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6
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6
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0.2
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0.2
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TJX Canada:
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Winners
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234
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239
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6.7
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6.8
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HomeSense
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96
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97
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2.3
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2.3
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Marshalls
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38
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39
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1.2
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1.2
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TJX Europe:
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T.K. Maxx
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407
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416
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12.6
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12.8
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HomeSense
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33
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33
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0.7
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0.7
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TJX
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3,395
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3,441
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97.5
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98.7
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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 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.
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The TJX Companies, Inc. and Consolidated Subsidiaries
Financial Summary
(Unaudited)
(In Thousands Except Per Share Amounts)
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13 Weeks Ended
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May 2,
2015
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May 3,
2014
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Net sales
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$
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6,865,637
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$
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6,491,176
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Cost of sales, including buying and occupancy costs
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4,920,241
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4,678,000
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Selling, general and administrative expenses
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1,168,657
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1,073,050
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Interest expense, net
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11,624
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9,595
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Income before provision for income taxes
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765,115
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730,531
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Provision for income taxes
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290,514
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276,214
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Net income
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$
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474,601
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$
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454,317
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Diluted earnings per share
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$
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0.69
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$
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0.64
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Cash dividends declared per share
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$
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0.21
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$
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0.175
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Weighted average common shares – diluted
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691,206
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712,902
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The TJX Companies, Inc. and Consolidated Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
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May 2,
2015
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May 3,
2014
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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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2,260.0
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$
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2,059.3
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Short-term investments
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328.8
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259.9
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Accounts receivable and other current assets
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604.1
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574.7
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Current deferred income taxes, net
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147.6
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133.1
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Merchandise inventories
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3,531.6
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3,208.5
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Total current assets
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6,872.1
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6,235.5
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Property, net of depreciation
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3,936.7
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3,645.6
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Other assets
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247.8
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236.7
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Goodwill and tradename, net of amortization
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309.3
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312.1
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TOTAL ASSETS
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$
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11,365.9
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$
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10,429.9
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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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2,153.3
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$
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1,956.4
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Accrued expenses and other current liabilities
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1,983.2
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1,748.9
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Total current liabilities
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4,136.5
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3,705.3
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Other long-term liabilities
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878.4
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691.9
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Non-current deferred income taxes, net
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|
|
|
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436.8
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|
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|
475.0
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Long-term debt
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1,623.9
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1,274.2
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|
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|
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Shareholders’ equity
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|
4,290.3
|
|
|
|
4,283.5
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|
|
|
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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|
|
$
|
11,365.9
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$
|
10,429.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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The TJX Companies, Inc. and Consolidated Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
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|
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13 Weeks Ended
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May 2, 2015
|
|
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May 3, 2014
|
|
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CASH FLOWS FROM OPERATING ACTIVITIES:
|
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|
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Net income
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$
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474.6
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|
|
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$
|
454.3
|
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Depreciation and amortization
|
|
|
148.5
|
|
|
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144.2
|
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Deferred income tax provision
|
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(17.7
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)
|
|
|
|
(6.7
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)
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Share-based compensation
|
|
|
21.2
|
|
|
|
|
19.8
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|
(Increase) in accounts receivable and other assets
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|
|
(46.0
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)
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|
|
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(26.2
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)
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(Increase) in merchandise inventories
|
|
|
(298.7
|
)
|
|
|
|
(226.0
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)
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Increase in accounts payable
|
|
|
135.6
|
|
|
|
|
175.4
|
|
Increase (decrease) in accrued expenses and other liabilities
|
|
|
49.6
|
|
|
|
|
(46.6
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)
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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 Subsidiaries
Notes 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.
CONTACT:
The TJX Companies, Inc.
Media:
Doreen Thompson,
508-390-2323
or
Investors:
Jeff Botte, 508-390-2323
TJX Companies (NYSE:TJX)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
TJX Companies (NYSE:TJX)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024