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 fourth quarter
and fiscal year ended January 30, 2016. Net sales for the fourth
quarter of Fiscal 2016 increased 8% to $9.0 billion and
consolidated comparable store sales increased 6% over last year’s
4% increase. Net income for the fourth quarter was $666 million and
diluted earnings per share were $.99, a 6% increase over the prior
year’s $.93.
For the 52-week fiscal year ended January 30, 2016, net sales
were $30.9 billion, a 6% increase over last year. Consolidated
comparable store sales increased 5% over last year’s 2% increase.
Net income for the fiscal year was $2.3 billion. Diluted earnings
per share were $3.33, a 5% increase over the prior year’s adjusted
$3.16, which excluded a $.01 per share debt extinguishment charge
from reported earnings per share of $3.15.
Ernie Herrman, Chief Executive Officer and President of The TJX
Companies, Inc., stated, “We are extremely pleased to end another
strong year with terrific fourth quarter results! Our fourth
quarter 6% comp growth and 6% increase in earnings per share
significantly exceeded our expectations. Once again, customer
traffic drove our entire consolidated comp increase. It was also
the primary driver of our comp increases at every division in the
fourth quarter and full year as we continued delivering consumers a
differentiated offering at extreme value. We are convinced that we
are gaining market share profitably around the world. We were
particularly pleased that our overall merchandise margin was up in
the fourth quarter while we continued to offer shoppers outstanding
values. For the full year, we were thrilled to surpass $30 billion
in sales, achieve consolidated comp sales growth of 5%, and deliver
above-plan EPS growth. The year 2015 marks our 20th consecutive
year of increases in comp sales and EPS! We have sustained
profitable growth through many types of economic and retail
climates and in different regions around the world, and we have
great confidence in the future.”
Herrman continued, “The year is off to a strong start and we
have many initiatives planned to continue driving sales and
traffic. Our business is very healthy, and similar to last year,
our plans for earnings per share growth reflect the negative impact
of foreign currency and our previously announced wage initiative.
We plan to continue to balance our growth with investments, develop
new seeds for growth, and strengthen our leadership positions
across the globe. We now operate in nine countries, across three
continents, and are excited about the opportunities we see both in
our existing regions and new international markets. As always, we
have a management team that is laser focused on achieving its plans
and passionate about surpassing them. We are confident that we are
making the right decisions and investments today that position us
extremely well to continue capturing market share and reach $40
billion and beyond!”
Shareholder
Distributions
The Company intends to increase the regular quarterly dividend
on its common stock to be declared in March 2016 and payable in
June 2016 to $.26 per share, subject to the approval of the
Company’s Board of Directors. This increase would represent a 24%
increase in the current per share dividend and mark the 20th
consecutive year that the Company has raised the dividend. Over
this period of time, the Company’s dividend has grown at a compound
annual rate of 23%.
The Company also announced today its plan to repurchase
approximately $1.5 to $2.0 billion of TJX stock during the fiscal
year ending January 28, 2017. With $1.5 billion remaining at Fiscal
2016 year end under the Company’s existing stock repurchase
program, the Company’s Board of Directors approved a new stock
repurchase program that authorizes the repurchase of up to an
additional $2.0 billion of TJX common stock from time to time. The
new authorization represents approximately 4% of the Company’s
outstanding shares at current prices. The new stock repurchase
program marks the 17th program approved by the Board since 1997.
Over this period, the Company has spent approximately $16.3 billion
on the repurchase of TJX stock. During the fourth quarter, the
Company spent a total of $510 million to repurchase TJX stock,
retiring 7.3 million shares. In Fiscal 2016, the Company spent a
total of $1.8 billion to repurchase TJX stock, retiring 26.5
million shares. Under the Company’s repurchase plans, share
repurchases may be made from time to time in market or private
transactions and may include derivative transactions. The
repurchase program announced today has no time limit and may be
suspended or discontinued at any time.
Ernie Herrman commented, “Our business continues to generate
tremendous amounts of cash and excellent financial returns. In
Fiscal 2017, we plan to continue investing to support our growth
while distributing cash to our shareholders. In addition to
investing in our Associates, our capital spending plans include new
stores, store remodels, and our supply chain and infrastructure.
Simultaneously, we plan to significantly increase our regular
quarterly dividend and will continue to buy back shares at
significant levels. All of these actions underscore our confidence
in our ability to continue delivering strong, profitable sales
across all of our divisions and cash flow that enables us to both
fund our continued growth and return value to our
shareholders.”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the fourth quarter, were as follows:
Fourth Quarter
Fourth Quarter Comparable Store
Sales1,2
Net Sales ($ in millions)3,4
FY2016 FY2015
FY2016 FY2015
Marmaxx
(U.S.)5,6 +6% +3% $5,720
$5,286 HomeGoods (U.S.) +7%
+11% $1,180 $1,033 TJX Canada
+14% +7% $781
$788 TJX International (Europe & Australia)7
+1% +2% $1,280
$1,198
TJX +6%
+4% $8,962 $8,304
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in
currency exchange rates. 2Comparable store sales exclude Sierra
Trading Post, tjmaxx.com, tkmaxx.com, and Trade Secret sales. 3Net
sales in Canada, Europe and Australia include the impact of foreign
currency exchange rates. See below. 4Figures may not foot due to
rounding. 5Combination of T.J. Maxx and Marshalls. 6Net sales
include Sierra Trading Post. 7FY2016 net sales include Trade Secret
since the acquisition on October 24, 2015.
Sales by Business Segment
(continued)
The Company’s comparable store sales and net sales by division
for the full year were as follows:
Full Year
Full Year Comparable Store Sales1,2
Net Sales ($ in millions)3,4
FY2016 FY2015 FY2016
FY2015
Marmaxx (U.S.)5,6
+4% +1% $19,948 $18,688
HomeGoods (U.S.) +8% +7%
$3,915 $3,414 TJX Canada +12%
+3% $2,855 $2,884 TJX
International (Europe & Australia)7 +4%
+3% $4,227 $4,092
TJX +5% +2%
$30,945 $29,078
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, tkmaxx.com, and Trade Secret sales. 3Net
sales in Canada, Europe and Australia 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. 7FY2016 net sales include Trade Secret
since the acquisition on October 24, 2015.
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 fourth quarter of Fiscal 2016 versus the prior year. The
overall net impact of foreign currency exchange rates had a neutral
impact on fourth quarter Fiscal 2016 earnings per share, compared
with a $.02 positive impact last year.
The movement in foreign currency exchange rates had a three
percentage point negative impact on consolidated net sales growth
for the full Fiscal 2016 year versus the prior year. The overall
net impact of foreign currency exchange rates had an $.08 negative
impact on full year Fiscal 2016 earnings per share, compared with a
$.01 positive 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 fourth quarter of Fiscal 2016, the Company’s
consolidated pretax profit margin was 11.9%, a 0.5 percentage point
decrease compared with the prior year.
Gross profit margin for the fourth quarter of Fiscal 2016 was
28.7%, up 0.5 percentage points versus the prior year. The increase
was primarily driven by an increase in merchandise margin and
strong buying and occupancy leverage on the 6% comp growth. This
was partially offset by the negative impact of transactional
foreign exchange at TJX Canada and TJX International and increased
supply chain costs related to a substantial increase in units sold
during the quarter.
Selling, general and administrative costs as a percent of sales
were 16.7%, up 1.0 percentage points versus the prior year’s ratio,
primarily due to the Company’s wage initiative, as the Company had
anticipated, as well as contributions to TJX’s charitable
foundations, higher incentive compensation accruals due to the
Company’s above-plan performance and increased supply chain
costs.
For the full year Fiscal 2016, the Company’s consolidated pretax
profit margin was 11.8%, a 0.5 percentage point decrease compared
with the prior year’s adjusted 12.3%. The gross profit margin for
Fiscal 2016 was 28.8%, a 0.3 percentage point increase versus the
prior year, and merchandise margins increased. Selling, general and
administrative costs as a percent of sales were 16.8%, up 0.7
percentage points versus the prior year’s ratio, primarily due to
the Company’s wage initiative and increased supply chain costs.
Inventory
Total inventories as of January 30, 2016, were $3.7 billion,
compared with $3.2 billion at the end of the prior fiscal year.
Consolidated inventories on a per-store basis as of January 30,
2016, including the distribution centers, but excluding inventory
in transit and the Company’s e-commerce businesses, were up 5% on a
reported basis (up 6% on a constant currency basis). TJX enters the
new fiscal year in an excellent inventory position to continue
shipping fresh merchandise to its stores and take advantage of the
plentiful opportunities it is seeing in the marketplace for
quality, branded goods.
Full Year and First Quarter Fiscal 2017
Outlook
For the fiscal year ending January 28, 2017, the Company expects
diluted earnings per share to be in the range of $3.29 to $3.38,
which would represent a 1% decrease to a 2% increase over the $3.33
in Fiscal 2016. This guidance reflects an assumption that the
combination of foreign currency and transactional foreign exchange
will have a 4% negative impact on EPS growth. The Company also
expects its previously announced wage initiative to negatively
impact EPS growth by an additional 4%. This EPS outlook is based
upon estimated consolidated comparable store sales growth of 1% to
2%.
For the first quarter of Fiscal 2017, the Company expects
diluted earnings per share to be in the range of $.68 to $.70
compared to $.69 last year. This guidance reflects an assumption
that the combination of foreign currency and transactional foreign
exchange will have a 2% negative impact on EPS growth. The Company
also expects its wage initiative will negatively impact EPS growth
by 3%. This EPS outlook is based upon estimated consolidated
comparable store sales growth of 2% to 3%.
The Company’s earnings guidance for the first quarter and full
year Fiscal 2017 assumes that currency exchange rates will remain
unchanged from the levels at the beginning of the first
quarter.
Stores by Concept
During the fiscal year ended January 30, 2016, the Company
increased its store count by a net of 219 stores to a total of
3,614 stores. The Company increased square footage by 5% over the
same period last year.
Store Locations
Gross Square Feet* FY2016 FY2016
(in millions)
Beginning End
Beginning End In the U.S.:
T.J. Maxx 1,119
1,156 32.1 32.9 Marshalls
975 1,007 29.7 30.4
HomeGoods 487 526 12.1
13.0 Sierra Trading Post 6
8 0.2 0.2
In Canada:
Winners 234 245
6.7 6.9 HomeSense 96
101 2.3 2.4 Marshalls
38 41 1.2
1.2
In Europe:
T.K. Maxx
407 456 12.6 13.8
HomeSense 33 39 0.7
0.8
In Australia:
Trade
Secret N/A 35 N/A
0.8
TJX 3,395
3,614 97.5 102.6
*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 January
30, 2016, the end of the Company’s fiscal year, the Company
operated a total of 3,614 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 1,156 T.J. Maxx, 1,007 Marshalls, 526
HomeGoods and 8 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; 456 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.
Fourth Quarter and Fiscal 2016 Earnings
Conference Call
At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer
and President of TJX, will hold a conference call with stock
analysts to discuss the Company’s fourth quarter and full year
Fiscal 2016 results, operations, business trends and plans for
Fiscal 2017. 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 Wednesday, March 2, 2016, 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 52 Weeks Ended
January 30,2016
January 31,2015
January 30,2016
January 31,2015
Net sales $ 8,962,075 $
8,303,953 $ 30,944,938 $ 29,078,407 Cost of sales, including
buying and occupancy costs 6,388,192 5,959,037 22,034,523
20,776,522 Selling, general and administrative expenses 1,497,119
1,306,279 5,205,715 4,695,384 Loss on early extinguishment of debt
- - - 16,830 Interest expense, net 10,963 9,002
46,400 39,787 Income before provision for
income taxes 1,065,801 1,029,635 3,658,300 3,549,884 Provision for
income taxes 399,335 381,405 1,380,642
1,334,756 Net income $ 666,466 $ 648,230 $ 2,277,658 $
2,215,128 Diluted earnings per share $ 0.99 $ 0.93 $ 3.33 $
3.15 Cash dividends declared per share $ 0.21 $ 0.175 $ 0.84
$ 0.70 Weighted average common shares – diluted 674,676
695,928 683,251 703,545
The TJX Companies, Inc. and Consolidated
SubsidiariesCondensed Balance Sheets(Unaudited)(In Millions)
January 30,2016
January 31,2015
ASSETS Current assets: Cash and cash equivalents $ 2,095.5 $
2,493.8 Short-term investments 352.3 282.6 Accounts receivable and
other current assets 629.7 583.1 Merchandise inventories
3,695.1 3,217.9 Total current assets 6,772.6
6,577.4 Property, net of depreciation 4,159.9 3,868.4
Other assets 209.4 210.5 Non-current deferred income taxes, net
13.8 22.6 Goodwill and tradename, net of amortization 343.8
309.9 TOTAL ASSETS $ 11,499.5 $ 10,988.8
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts
payable $ 2,203.0 $ 2,007.5 Accrued expenses and other current
liabilities 2,199.2 1,922.1 Total current
liabilities 4,402.2 3,929.6 Other long-term
liabilities 881.0 888.2 Non-current deferred income taxes, net
285.1 282.9 Long-term debt 1,624.1 1,623.9 Shareholders’
equity 4,307.1 4,264.2 TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY $ 11,499.5 $ 10,988.8
The TJX Companies, Inc. and Consolidated
SubsidiariesCondensed Statements of Cash Flows(Unaudited)(In
Millions)
52 Weeks Ended
January 30,2016
January 31,2015
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,277.7 $
2,215.1 Depreciation and amortization 616.7 589.0 Loss on early
extinguishment of debt - 16.8 Deferred income tax provision 31.2
102.1 Share-based compensation 94.1 88.0 (Increase) in accounts
receivable and other assets (67.5 ) (17.8 ) (Increase) in
merchandise inventories (506.6 ) (332.3 ) Increase in accounts
payable 216.3 285.2 Increase in accrued expenses and other
liabilities 352.9 165.8 Other (54.9 ) (103.5 )
Net cash provided by operating activities 2,959.9
3,008.4 CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions (911.9 ) (911.5 ) Cash paid for acquisition of
Trade Secret (57.1 ) - Purchases of investments (798.0 ) (431.2 )
Sales and maturities of investments 681.4
388.0 Net cash (used in) investing activities
(1,085.6 ) (954.7 ) 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 (1,828.3 ) (1,650.7 ) Proceeds from
issuance of common stock 132.0 143.0 Cash dividends paid (544.3 )
(465.9 ) Other 64.7 81.0 Net cash (used
in) financing activities (2,175.9 ) (1,559.5 )
Effect of exchange rate changes on cash (96.7 )
(150.1 ) Net (decrease) increase in cash and cash
equivalents (398.3 ) 344.1 Cash and cash equivalents at beginning
of year 2,493.8 2,149.7 Cash and
cash equivalents at end of year $ 2,095.5 $ 2,493.8
The TJX Companies, Inc. and Consolidated
SubsidiariesSelected Information by Major Business
Segment(Unaudited)(In Thousands)
13 Weeks Ended 52 Weeks Ended
January 30,2016
January 31,2015
January 30,2016
January 31,2015
Net sales: In the United States:
Marmaxx $ 5,720,427 $ 5,285,529 $ 19,948,227 $ 18,687,880 HomeGoods
1,179,806 1,033,083 3,915,221 3,414,351 TJX Canada 781,428 787,794
2,854,617 2,883,863 TJX International 1,280,414
1,197,547 4,226,873 4,092,313 Total net sales $
8,962,075 $ 8,303,953 $ 30,944,938 $ 29,078,407 Segment
profit: In the United States: Marmaxx $ 812,588 $ 748,077 $
2,858,780 $ 2,736,694 HomeGoods 181,334 152,431 549,318 463,193 TJX
Canada 97,301 118,095 375,306 393,622 TJX International
124,420 128,218 316,939 337,406 Total segment
profit 1,215,643 1,146,821 4,100,343 3,930,915 General
corporate expense 138,879 108,184 395,643 324,414 Loss on early
extinguishment of debt - - - 16,830 Interest expense, net
10,963 9,002 46,400 39,787 Income before
provision for income taxes $ 1,065,801 $ 1,029,635 $ 3,658,300 $
3,549,884
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
1. During the fourth quarter ended January 30, 2016, TJX
repurchased 7.3 million shares of its common stock at a cost of
$509.6 million. During the year ended January 30, 2016, TJX
repurchased 26.5 million shares of its common stock at a cost of
$1.8 billion. On January 29, 2016, 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.
2. On October 24, 2015, TJX purchased Trade Secret, an off-price
retailer in Australia, for approximately AUD$80 million, which is
subject to customary post-closing adjustments. The cost of the
acquisition was allocated to the fair value of the assets acquired
resulting in goodwill of $25.0 million. The operating results since
the date of acquisition are reported with our operations in Europe
and we have therefore renamed The TJX Europe segment to TJX
International. The TJX International segment includes all of
international retail operations outside of North America.
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 4.20% 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 fiscal year
ended January 31, 2015 by $0.01 per share.
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The TJX Companies, Inc.Debra McConnellGlobal Communications(508)
390-2323
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