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 April 30, 2016. Net sales for the first quarter of Fiscal
2017 increased 10% to $7.5 billion and consolidated comparable
store sales increased 7% over last year’s 5% increase. Net income
for the first quarter was $508 million and diluted earnings per
share were $.76, a 10% increase over the prior year’s $.69.
Ernie Herrman, Chief Executive Officer and President of The TJX
Companies, Inc., stated, “It is great to start 2016 with such a
strong quarter! Our momentum continued with a consolidated
comparable store sales increase of 7% over 5% growth last year, and
earnings per share increased 10%. We are particularly pleased with
our very strong customer traffic, which drove the comp increases at
every division. This tells us that our strategies to bring
consumers exciting values on an eclectic and ever-changing mix of
the right fashions and brands, sourced from across the globe, are
working. We are confident that we are growing our customer base and
gaining market share. With our excellent first quarter results, we
are raising our full year earnings per share and comp sales
guidance, and the second quarter is off to a solid start. We see
many opportunities in the U.S. and internationally for continued
successful growth. We are extremely focused on achieving our goals
for 2016 and motivated to surpass them. TJX has an exciting future
ahead, and we have a strategic long-term vision to grow to be a $40
billion company and beyond!”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the first quarter, were as follows:
First Quarter First
Quarter Comparable Store Sales1,2
Net
Sales ($ in millions)3,4 FY2017 FY2016
FY2017 FY2016
In the U.S.:
Marmaxx5,6 +6%
+3% $4,865 $4,495 HomeGoods +9%
+9% $1,010 $880 TJX Canada +14% +11%
$686 $620 TJX International (Europe & Australia)7
+4% +3% $981 $870
TJX +7%
+5% $7,542 $6,866
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. 7FY2017 net sales include Trade
Secret.
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 one
percentage point negative impact on consolidated net sales growth
in the first quarter of Fiscal 2017 versus the prior year. The
overall net impact of foreign currency exchange rates had a $.05
negative impact on first quarter Fiscal 2017 earnings per share,
compared with a $.03 negative 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 first quarter of Fiscal 2017, the Company’s consolidated
pretax profit margin was 10.9%, a 0.2 percentage point decrease
compared with the prior year.
Gross profit margin for the first quarter of Fiscal 2017 was
28.8%, up 0.5 percentage points versus the prior year, primarily
due to strong buying and occupancy leverage on the 7% comp growth.
This was partially offset by the mark-to-market adjustment on the
Company’s inventory-related hedges. Merchandise margins remained
strong despite the negative impact of transactional foreign
exchange at TJX Canada and TJX International.
Selling, general and administrative costs as a percent of sales
were 17.7%, up 0.7 percentage points versus the prior year’s ratio,
primarily due to wage increases and investments to support growth,
as the Company had anticipated.
Inventory
Total inventories as of April 30, 2016, were $3.9 billion,
compared with $3.5 billion at the end of the first quarter last
year. Consolidated inventories on a per-store basis as of April 30,
2016, including the distribution centers, but excluding inventory
in transit and the Company’s e-commerce businesses, were up 7% on
both a reported and constant currency basis. The Company is very
comfortable with its inventory position entering the second quarter
and the plentiful buying opportunities it sees in the marketplace
for quality, branded merchandise.
Shareholder
Distributions
During the first quarter, the Company repurchased a total of
$375 million of TJX stock, retiring 5.0 million shares. The Company
continues to expect to repurchase approximately $1.5 to $2.0
billion of TJX stock in Fiscal 2017. The Company may adjust this
amount up or down depending on various factors. Additionally, the
Company increased its dividend by 24% in the first quarter, marking
the 20th consecutive year of dividend increases. 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
2017 Outlook
For the second quarter of Fiscal 2017, the Company expects
diluted earnings per share to be in the range of $.77 to $.79
compared to $.80 last year. This guidance reflects an assumption
that wage increases will negatively impact EPS growth by 3%. The
Company also expects the combination of foreign currency and
transactional foreign exchange will have an additional 2% 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
28, 2017, the Company now expects diluted earnings per share to be
in the range of $3.35 to $3.42, which would represent a 1% to 3%
increase over $3.33 in Fiscal 2016. This guidance reflects an
assumption that the combination of foreign currency, transactional
foreign exchange and wage increases will have a 6% 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 2017 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 April 30, 2016, the Company
increased its store count by 47 stores to a total of 3,661 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 1,156 1,163 32.9 33.1
Marshalls 1,007 1,010 30.4 30.5
HomeGoods 526 534 13.0 13.2 Sierra
Trading Post 8 8 0.2 0.2
In
Canada:
Winners 245 250 6.9 7.0 HomeSense
101 104 2.4 2.4 Marshalls 41
45 1.2 1.3
In Europe:
T.K. Maxx 456
471 13.8 14.2 HomeSense 39 41
0.8 0.8
In Australia:
Trade Secret 35 35
0.8 0.8
TJX 3,614 3,661
102.6 103.6
*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 April
30, 2016, the end of the Company’s first quarter, the Company
operated a total of 3,661 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 1,163 T.J. Maxx, 1,010 Marshalls, 534
HomeGoods and 8 Sierra Trading Post stores, as well as tjmaxx.com
and sierratradingpost.com in the United States; 250 Winners, 104
HomeSense, and 45 Marshalls stores in Canada; 471 T.K. Maxx and 41
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 2017 First Quarter 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 first quarter Fiscal 2017
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 24, 2016, or at tjx.com.
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; various marketing efforts; competition; personnel
recruitment, training and retention; labor costs and workforce
challenges; data security; information systems and new technology;
economic conditions and consumer spending; adverse or unseasonable
weather; serious disruptions or catastrophic events; disruptions in
the second half of the fiscal year; corporate and retail banner
reputation; quality, safety and other issues with merchandise;
expanding international operations; merchandise importing;
commodity availability and 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 and changes in laws, regulations
and applicable accounting standards; outcomes of litigation, legal
proceedings and other legal or regulatory matters; 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
April 30,2016
May 2,2015
Net sales $ 7,542,356 $ 6,865,637 Cost of sales,
including buying and occupancy costs 5,372,143 4,920,241 Selling,
general and administrative expenses 1,335,050 1,168,657 Interest
expense, net 10,194 11,624 Income before
provision for income taxes 824,969 765,115 Provision for income
taxes 316,623 290,514 Net income $ 508,346 $
474,601 Diluted earnings per share $ 0.76 $ 0.69 Cash
dividends declared per share $ 0.26 $ 0.21 Weighted average
common shares – diluted 670,388 691,206
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
April 30,2016
May 2,2015
ASSETS Current assets: Cash and cash equivalents $ 1,944.2 $
2,260.0 Short-term investments 403.7 328.8 Accounts receivable and
other current assets 624.8 604.1 Merchandise inventories
3,905.0 3,531.6 Total current assets 6,877.7
6,724.5 Property, net of depreciation 4,229.7 3,936.7
Non-current deferred income taxes, net 10.1 20.8 Other assets 240.8
214.5 Goodwill and tradename, net of amortization 346.4
309.3 TOTAL ASSETS $ 11,704.7 $ 11,205.8
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts
payable $ 2,136.7 $ 2,153.3 Accrued expenses and other current
liabilities 2,160.0 1,983.2 Total current
liabilities 4,296.7 4,136.5 Other long-term
liabilities 908.5 878.4 Non-current deferred income taxes, net
349.0 287.0 Long-term debt 1,615.5 1,613.6 Shareholders’
equity 4,535.0 4,290.3 TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY $ 11,704.7 $ 11,205.8
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
13 Weeks Ended
April 30,2016
May 2,2015
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 508.3 $
474.6 Depreciation and amortization 157.0 148.5 Deferred income tax
provision 16.1 (17.7 ) Share-based compensation 25.0 21.2
(Increase) in accounts receivable and other assets (9.3 ) (46.0 )
(Increase) in merchandise inventories (161.6 ) (298.7 ) (Decrease)
increase in accounts payable (96.4 ) 135.6 (Decrease) increase in
accrued expenses and other liabilities (8.0 ) 49.6 Other
(10.8 ) (19.6 ) Net cash provided by operating
activities 420.3 447.5 CASH
FLOWS FROM INVESTING ACTIVITIES: Property additions (266.2 ) (201.2
) Purchases of investments (165.4 ) (95.0 ) Sales and maturities of
investments 144.8 53.8 Other (2.3 ) - Net cash
(used in) investing activities (289.1 ) (242.4 )
CASH FLOWS FROM FINANCING ACTIVITIES: Payments for
repurchase of common stock (341.2 ) (419.9 ) Proceeds from issuance
of common stock 63.9 37.3 Cash dividends paid (140.1 ) (120.4 )
Other 37.9 28.4 Net cash (used in)
financing activities (379.5 ) (474.6 ) Effect
of exchange rate changes on cash 97.0 35.7
Net (decrease) in cash and cash equivalents (151.3 )
(233.8 ) Cash and cash equivalents at beginning of year
2,095.5 2,493.8 Cash and cash
equivalents at end of period $ 1,944.2 $ 2,260.0
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
13 Weeks Ended
April 30,2016
May 2,2015
Net sales: In the United States: Marmaxx $ 4,865,375 $
4,495,410 HomeGoods 1,010,436 880,193 TJX Canada 685,577 620,212
TJX International 980,968 869,822 Total net
sales $ 7,542,356 $ 6,865,637 Segment profit: In the
United States: Marmaxx $ 708,857 $ 652,303 HomeGoods 138,210
121,299 TJX Canada 57,472 45,172 TJX International 14,347
26,355 Total segment profit 918,886 845,129
General corporate expense 83,723 68,390 Interest expense, net
10,194 11,624 Income before provision for
income taxes $ 824,969 $ 765,115
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
1. During the first quarter ended April 30, 2016, TJX
repurchased 5.0 million shares of its common stock at a cost of
$375.0 million. 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. The final purchase price was AUD$83 million
(U.S. $59 million) which 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160517005952/en/
The TJX Companies, Inc.Debra McConnellGlobal Communications(508)
390-2323
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