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 October 31, 2015. Net sales for the third quarter of Fiscal
2016 increased 5% to $7.8 billion and consolidated comparable store
sales increased 5% over last year’s 2% increase. Net income for the
third quarter was $587 million and diluted earnings per share were
$.86 versus last year’s $.85.
For the first nine months of Fiscal 2016, net sales were $22.0
billion, a 6% increase over last year, and consolidated comparable
store sales increased 5%. Net income for the first nine months of
Fiscal 2016 was $1.6 billion. Diluted earnings per share were
$2.35, a 5% increase over the prior year’s adjusted $2.23, which
excluded a $.01 per share debt extinguishment charge from reported
earnings per share of $2.22.
Carol Meyrowitz, Chairman and Chief Executive Officer of The TJX
Companies, Inc., stated, “I am extremely pleased with our third
quarter performance as our momentum continued. Our 5% consolidated
comparable store sales growth, over a 2% increase last year,
continued our excellent trend from the first two quarters and
significantly exceeded our plans. Our $.86 in earnings per share
was also well above our expectations. We are delighted that strong
customer traffic drove our entire consolidated comp and was the
primary driver of our comp increases at every division. Our
excellent traffic gains and strong performance across our apparel,
accessories and home categories, demonstrate that our brands
globally are offering the right values and merchandise mix. Again
this quarter, we saw strong sales at every division. I am
particularly pleased with our ability to simultaneously deliver
exceptional value to consumers while maintaining strong merchandise
margins, which speaks to the flexibility of our off-price business
model. Our goal is to keep serving consumers and growing our market
share around the world. To that end, we continue to balance growth
with investments in our future to establish a strong foundation in
the U.S. and internationally. Further, we were happy to add Trade
Secret, an Australian off-price retailer, to our family of
companies in October. As to the fourth quarter, we are pleased to
see that traffic continues to be up and we could not be more
excited about the holiday selling season. I am convinced that our
gift-giving selections are better than ever this year and that our
holiday marketing campaigns will resonate with consumers and
attract more shoppers to our stores. With our clear vision for
global growth, a differentiated apparel and home fashions business,
and world-class organization, I am very confident we will grow TJX
to a $40 billion-plus company!”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the third quarter, were as follows:
Third QuarterComparable Store
Sales1,2
Third QuarterNet Sales ($ in
millions)3,4 FY2016 FY2015
FY2016 FY2015
In the U.S.:
Marmaxx5,6
+3% +1% $4,927 $4,674 HomeGoods
+6% +7% $960 $851
International:
TJX Canada
+10% +3% $754 $792 TJX Europe
+7% -1% $1,114 $1,050
TJX +5% +2% $7,753 $7,366
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 third quarter of Fiscal 2016 versus the prior year. The
overall net impact of foreign currency exchange rates had a $.04
negative impact on third quarter Fiscal 2016 earnings per share,
compared with a $.01 positive impact last year.
For the first nine months of Fiscal 2016, the movement in
foreign currency exchange rates had a three percentage point
negative impact on consolidated net sales growth. The overall net
impact of foreign currency exchange rates had an $.08 negative
impact on earnings per share in the first nine months of Fiscal
2016, 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.
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.”
Margins
For the third quarter of Fiscal 2016, the Company’s consolidated
pretax profit margin was 12.1%, a 0.9 percentage point decrease
compared with the prior year.
Gross profit margin for the third quarter of Fiscal 2016 was
29.0%, down 0.4 percentage points versus the prior year. The
decrease was primarily due to transactional foreign exchange at the
Company’s international divisions and increased supply chain costs
related to a substantial increase in units sold during the quarter.
Merchandise margins remained strong.
Selling, general and administrative costs as a percent of sales
were 16.7%, up 0.5 percentage points versus the prior year’s ratio,
primarily due to the Company’s wage initiative and increased supply
chain costs, as the Company had anticipated.
Inventory
Total inventories as of October 31, 2015, were $4.4 billion,
compared with $4.0 billion at the end of the third quarter last
year. Consolidated inventories on a per-store basis as of October
31, 2015, including the distribution centers, but excluding
inventory in transit and the Company’s e-commerce businesses, were
up 4% on a reported basis (up 6% on a constant currency basis). The
Company is very comfortable with its inventory position, which it
strategically increased ahead of the fourth quarter to provide more
flexibility to flow fresh merchandise to its stores with greater
precision throughout the holiday season. The Company enters the
fourth quarter in an excellent position to take advantage of the
plentiful buying opportunities for branded, quality merchandise it
is seeing in the marketplace.
Shareholder
Distributions
During the third quarter, the Company repurchased a total of
$459 million of TJX stock, retiring 6.4 million shares. For the
first nine months of Fiscal 2016, the Company spent a total of $1.3
billion in repurchases of TJX stock, retiring 19.1 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.
Fourth Quarter and Full Year Fiscal
2016 Outlook
For the fourth quarter of Fiscal 2016, the Company expects
diluted earnings per share to be in the range of $.91 to $.93
compared to $.93 last year. This guidance reflects an assumption
that the combination of foreign currency, transactional foreign
exchange, the Company’s wage initiative, incremental investments to
support growth, and pension costs would have a 9% negative impact
on EPS growth. This guidance also reflects a negative impact to EPS
from the acquisition of Trade Secret that was not contemplated in
the Company’s prior guidance. This EPS outlook is based upon
estimated consolidated comparable store sales growth of 2% to
3%.
For the fiscal year ending January 30, 2016, the Company
continues to expect diluted earnings per share to be in the range
of $3.26 to $3.28 versus $3.15 in Fiscal 2015. Excluding a $.01
debt extinguishment charge in Fiscal 2015, this guidance would
represent a 3% to 4% increase over the adjusted $3.16 in Fiscal
2015. This guidance for EPS growth reflects a 9% negative impact
from the same factors affecting estimated EPS growth in the fourth
quarter, detailed above. This guidance also now reflects a $.02 to
$.03 negative impact to EPS from the acquisition of Trade Secret,
which was not contemplated in the Company’s prior guidance. This
EPS outlook is now based upon a raised estimate of consolidated
comparable store sales growth of 4% to 5%.
The Company’s earnings guidance for the fourth quarter and full
year Fiscal 2016 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 October 31, 2015, the Company
increased its store count by a net of 133 stores to a total of
3,594 stores. The Company increased square footage by 5% over the
same period last year.
Store LocationsThird Quarter
Gross Square Feet*Third Quarter(in millions)
Beginning End
Beginning End In the U.S.:
T.J. Maxx
1,130 1,149 32.4 32.8 Marshalls
990 1,001 30.0 30.3 HomeGoods
503 522 12.5 12.9 Sierra Trading
Post 6 7 0.2 0.2
In
Canada:
Winners 240 245 6.8 6.9
HomeSense 97 101 2.3 2.4
Marshalls 39 41 1.2 1.2
In
Europe:
T.K. Maxx 423 454 13.0
13.8 HomeSense 33 39 0.7 0.8
In Australia:
Trade Secret** N/A 35
N/A 0.8
TJX 3,461
3,594 99.0 102.1
*Square feet figures may not foot due to rounding. **TJX
acquired Trade Secret on October 25, 2015.
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 October
31, 2015, the end of the Company’s third quarter, the Company
operated a total of 3,594 stores in nine countries, the United
States, Canada, the United Kingdom, Ireland, Germany, Poland,
Austria, the Netherlands, and Australia, and three e-commerce
sites. These include 1,149 T.J. Maxx, 1,001 Marshalls, 522
HomeGoods and 7 Sierra Trading Post stores, as well as tjmaxx.com
and sierratradingpost.com in the United States; 245 Winners, 101
HomeSense, and 41 Marshalls stores in Canada; 454 T.K. Maxx and 39
HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade
Secret stores in Australia. TJX’s press releases and financial
information are also available at tjx.com.
Fiscal 2016 Third Quarter Earnings
Conference Call
At 11:00 a.m. ET today, Carol Meyrowitz, Chairman and Chief
Executive Officer of TJX, will hold a conference call with stock
analysts to discuss the Company’s third 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, November 24, 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
SubsidiariesFinancial Summary(Unaudited)(In Thousands Except Per
Share Amounts)
13 Weeks Ended 39 Weeks Ended October
31,
2015
November 1,
2014
October 31,
2015
November 1,
2014
Net sales $ 7,753,495 $ 7,366,066 $ 21,982,863
$ 20,774,454 Cost of sales, including buying and occupancy
costs 5,506,899 5,203,629 15,646,331 14,817,485 Selling, general
and administrative expenses 1,292,401 1,193,297 3,708,596 3,389,105
Loss on early extinguishment of debt - - - 16,830 Interest expense,
net 13,005 10,040 35,437 30,785
Income before provision for income taxes 941,190 959,100 2,592,499
2,520,249 Provision for income taxes 353,934 364,143
981,307 953,351 Net income $ 587,256 $ 594,957
$ 1,611,192 $ 1,566,898 Diluted earnings per share $ 0.86 $
0.85 $ 2.35 $ 2.22 Cash dividends declared per share $ 0.21
$ 0.175 $ 0.63 $ 0.525 Weighted average common shares –
diluted 680,844 701,005 686,072 706,122
The TJX Companies, Inc. and Consolidated
SubsidiariesCondensed Balance Sheets(Unaudited)(In Millions)
October 31,
2015
November 1,
2014
ASSETS Current assets: Cash and cash equivalents $ 1,723.3 $
2,153.6 Short-term investments 399.7 277.2 Accounts receivable and
other current assets 661.6 642.2 Current deferred income taxes, net
120.9 123.0 Merchandise inventories 4,415.3 3,958.6
Total current assets 7,320.8 7,154.6
Property, net of depreciation 4,057.4 3,849.8 Other assets 292.3
276.9 Goodwill and tradename, net of amortization 307.9
310.7 TOTAL ASSETS $ 11,978.4 $ 11,592.0
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts
payable $ 2,684.2 $ 2,554.4 Accrued expenses and other current
liabilities 2,031.8 1,835.2 Total current
liabilities 4,716.0 4,389.6 Other long-term
liabilities 907.1 741.1 Non-current deferred income taxes, net
380.8 463.7 Long-term debt 1,624.0 1,623.8 Shareholders’
equity 4,350.5 4,373.8 TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY $ 11,978.4 $ 11,592.0
The TJX Companies, Inc. and Consolidated
SubsidiariesCondensed Statements of Cash Flows(Unaudited)(In
Millions)
39 Weeks Ended October 31, 2015 November 1,
2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $
1,611.2 $ 1,566.9 Depreciation and amortization 453.7 438.2 Loss on
early extinguishment of debt - 16.8 Deferred income tax provision
(39.9 ) 7.5 Share-based compensation 71.1 67.7 (Increase) in
accounts receivable and other assets (104.8 ) (87.4 ) (Increase) in
merchandise inventories (1,197.8 ) (1,019.4 ) Increase in accounts
payable 677.2 799.8 Increase in accrued expenses and other
liabilities
206.7
95.5 Other (20.8 ) (60.0 ) Net cash provided
by operating activities
1,656.6
1,825.6 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (650.6 ) (705.9 ) Cash paid for
acquisition of Trade Secret (57.1 ) - Purchases of investments
(642.7 ) (315.8 ) Sales and maturities of investments 501.6
314.6 Net cash (used in) investing activities
(848.8 ) (707.1 ) CASH FLOWS FROM FINANCING
ACTIVITIES: Proceeds from issuance of long-term debt - 749.5
Payments on early extinguishment of debt - (416.4 ) Payments for
repurchase of common stock (1,296.1 ) (1,214.2 ) Proceeds from
issuance of common stock 81.4 90.3 Cash dividends paid (404.1 )
(345.7 ) Other 54.2 45.9 Net cash (used
in) financing activities (1,564.6 ) (1,090.6 )
Effect of exchange rate changes on cash
(13.7
) (24.0 ) Net (decrease) increase in cash and cash
equivalents (770.5 ) 3.9 Cash and cash equivalents at beginning of
year 2,493.8 2,149.7 Cash and
cash equivalents at end of period $ 1,723.3 $ 2,153.6
The TJX Companies, Inc. and Consolidated
SubsidiariesSelected Information by Major Business
Segment(Unaudited)(In Thousands)
13 Weeks Ended 39 Weeks Ended October
31,
2015
November 1,
2014
October 31,
2015
November 1,
2014
Net sales: In the United States: Marmaxx $ 4,926,507
$ 4,673,718 $ 14,227,800 $ 13,402,351 HomeGoods 959,844 851,045
2,735,415 2,381,268 TJX Canada 753,630 791,725 2,073,189 2,096,069
TJX Europe 1,113,514 1,049,578 2,946,459
2,894,766 Total net sales $ 7,753,495 $ 7,366,066 $
21,982,863 $ 20,774,454 Segment profit: In the United
States: Marmaxx $ 678,343 $ 679,929 $ 2,046,192 $ 1,988,617
HomeGoods 134,550 117,922 367,984 310,762 TJX Canada 113,152
136,480 278,005 275,527 TJX Europe 115,290 115,313
192,519 209,188 Total segment profit 1,041,335
1,049,644 2,884,700 2,784,094 General corporate expense
87,140 80,504 256,764 216,230 Loss on early extinguishment of debt
- - - 16,830 Interest expense, net 13,005 10,040
35,437 30,785 Income before provision for income
taxes $ 941,190 $ 959,100 $ 2,592,499 $ 2,520,249
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
1. During the third quarter ended October 31, 2015, TJX
repurchased 6.4 million shares of its common stock at a cost of
$459 million. For the nine months ended October 31, 2015, TJX
repurchased 19.1 million shares of its common stock at a cost of
$1.3 billion. 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.
2. On October 25, 2015, TJX purchased Trade Secret, an off-price
retailer that operates 35 stores in Australia, for approximately
AUD$80 million, which is subject to customary post-closing
adjustments. The cost of the acquisition, which will be allocated
to the fair value of the net assets acquired during the fourth
quarter, is included in other assets on the balance sheet as of
October 31, 2015. In addition, due to immateriality, we have not
reflected any operating results in our third quarter report. The
operating results of Trade Secret following the acquisition date
will be reflected in our fourth quarter results and for segment
reporting will be combined with our operations in Europe.
3. During last year’s second quarter the Company issued $750
million of 2.75% seven year notes and used a portion of the
proceeds to redeem its $400 million 4.20% notes prior to their
scheduled maturity. The redemption of the 4.2% notes resulted in a
pre-tax loss on the early extinguishment of debt of $16.8 million
during last year’s second quarter. The charge for the early
extinguishment of this debt reduced net income for the thirty-nine
week period ended November 1, 2014 by $.01 per share.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151117006066/en/
The TJX Companies, Inc.Debra McConnellGlobal Communications(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