- Net sales increased 3% to $7.8 billion,
over last year’s 10% increase
- Consolidated comp store sales increased
1% over last year’s 7% increase
- Diluted EPS of $.82 compared with $.76
in the prior year
- Diluted EPS $.04 above high-end of
Company’s plan primarily due to a benefit from an accounting change
in share-based compensation as well as a benefit from foreign
currency, which were both higher than expected
- Company maintains full year Fiscal 2018
outlook
- Returned $519 million to shareholders
in the first quarter through share repurchases and dividends
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 29, 2017. Net sales for the first quarter of Fiscal
2018 increased 3% to $7.8 billion and consolidated comparable store
sales increased 1% over last year’s 7% increase. Net income for the
first quarter was $536 million and diluted earnings per share were
$.82 versus the prior year’s $.76.
Ernie Herrman, Chief Executive Officer and President of The TJX
Companies, Inc., stated, “For the first quarter, consolidated
comparable store sales were up 1% over last year’s strong 7%
increase and at the high end of our plan. Earnings per share were
$.82 and above our plan. Comp store sales growth was once again
driven by customer traffic. We achieved these results despite the
unfavorable weather in parts of the U.S. and Canada compared to
last year. We were pleased to see sales trends pick up as the
quarter progressed. With our disciplined inventory management, our
merchandise margin was up, which speaks to the resiliency and
flexibility of our off-price retail model. Further, we are
confident that we are gaining market share at each of our four
major divisions. The second quarter is off to a solid start and we
have excellent liquidity in our inventories. This positions us
extremely well to capitalize on the plentiful buying opportunities
we see for exciting fashions and brands in the marketplace and
bring them to consumers at amazing values. As always, we will
strive to surpass our goals and we have great confidence in the
continued, successful growth of TJX!”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the first quarter, were as follows:
First Quarter First
Quarter Comparable Store Sales1,2
Net
Sales ($ in millions)3,4 FY2018
FY2017 FY2018 FY2017
Marmaxx5,6 0% +6%
$4,967 $4,865 HomeGoods
+3% +9% $1,121 $1,010 TJX
Canada +3% +14% $739
$686 TJX International (Europe & Australia)
0% +4% $957
$981
TJX +1%
+7% $7,784 $7,542
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. 3Net sales in TJX Canada
and TJX International 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 two
percentage point negative impact on consolidated net sales growth
in the first quarter of Fiscal 2018 versus the prior year. The
overall net impact of foreign currency exchange rates had a $.01
positive impact on first quarter Fiscal 2018 earnings per share,
compared with a $.05 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 Investors section of 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 2018, the Company’s consolidated
pretax profit margin was 10.7%, a 0.2 percentage point decrease
compared with the prior year.
Gross profit margin for the first quarter of Fiscal 2018 was
29.0%, up 0.2 percentage points versus the prior year. This was
primarily due to gains related to the Company’s inventory hedges
and a strong merchandise margin, partially offset by higher supply
chain costs and expense deleverage on the 1% consolidated
comparable store sales increase.
Selling, general and administrative costs as a percent of sales
were 18.1%, up 0.4 percentage points versus the prior year’s ratio,
primarily due to wage increases, as the Company had
anticipated.
Inventory
Total inventories as of April 29, 2017, were $3.7 billion,
compared with $3.9 billion at the end of the first quarter last
year. Consolidated inventories on a per-store basis as of April 29,
2017, including the distribution centers, but excluding inventory
in transit and the Company’s e-commerce businesses, were down 9% on
a reported basis (down 7% on a constant currency basis) versus a 7%
increase on both a reported and constant currency basis last year.
The Company is in an excellent inventory position entering the
second quarter and has plenty of liquidity to take advantage of the
terrific buying opportunities it sees in the marketplace for
quality, branded merchandise.
Shareholder
Distributions
During the first quarter, the Company repurchased a total of
$350 million of TJX stock, retiring 4.5 million shares. The Company
continues to expect to repurchase approximately $1.3 to $1.8
billion of TJX stock in Fiscal 2018. 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, marking
the 21st 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
2018 Outlook
For the second quarter of Fiscal 2018, the Company expects
diluted earnings per share to be in the range of $.81 to $.83
compared to $.84 last year. This guidance reflects an assumption
that the combination of foreign currency and transactional foreign
exchange will negatively impact EPS growth by 4% and that wage
increases will negatively impact EPS growth by an additional 2%.
The Company also expects the change in accounting rules for
share-based compensation will positively impact EPS growth by 1%.
This EPS outlook is based upon estimated consolidated comparable
store sales growth of 1% to 2%.
For the 53-week fiscal year ending February 3, 2018, the Company
now expects diluted earnings per share in the range of $3.82 to
$3.89. This represents a 10% to 12% increase over the prior year’s
$3.46. The Company’s full-year guidance includes an expected
benefit of approximately $.11 per share from the 53rd week in the
Company’s Fiscal 2018 calendar. Excluding this benefit, the Company
expects adjusted diluted earnings per share to be in the range of
$3.71 to $3.78. This would represent a 5% to 7% increase over the
prior year’s adjusted $3.53, which excludes the combined $.07
impact of last year’s debt extinguishment charge and pension
settlement charge from GAAP EPS of $3.46. This guidance reflects an
assumption that wage increases will negatively impact EPS growth by
2% and that the combination of foreign currency and transactional
foreign exchange will negatively impact EPS growth by 1%. The
Company also anticipates that the change in accounting rules for
share-based compensation will positively impact EPS growth by 2%.
This EPS outlook is based upon estimated consolidated comparable
store sales growth of 1% to 2%.
The Company’s earnings guidance for the second quarter and full
year Fiscal 2018 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 29, 2017, the Company
increased its store count by 50 stores to a total of 3,862 stores.
The Company increased square footage by 4% 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
1,186 1,191 33.5
33.6 Marshalls 1,035 1,039
31.0 30.9 HomeGoods 579
596 14.2 14.5 Sierra Trading
Post 12 12 0.3
0.3
In Canada:
Winners
255 258 7.2 7.2
HomeSense 106 109 2.5
2.6 Marshalls 57 61
1.7 1.8
In Europe:
T.K. Maxx 503 515
15.0 15.3 HomeSense 44 46
0.9 0.9
In Australia:
T.K. Maxx 35 35
0.8 0.8
TJX
3,812 3,862 106.9
107.8
*Store counts above include both banners within a combo or a
superstore.**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
29, 2017, the end of the Company’s first quarter, the Company
operated a total of 3,862 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 1,191 T.J. Maxx, 1,039 Marshalls, 596
HomeGoods and 12 Sierra Trading Post stores, as well as tjmaxx.com
and sierratradingpost.com in the United States; 258 Winners, 109
HomeSense, and 61 Marshalls stores in Canada; 515 T.K. Maxx and 46
HomeSense stores, as well as tkmaxx.com, in Europe; and 35 T.K.
Maxx stores in Australia. TJX’s press releases and financial
information are also available at tjx.com.
Fiscal 2018 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 2018
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 23, 2017, 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 Investors 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 Investors 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 29,2017
April 30,2016
Net sales $ 7,784,024 $ 7,542,356 Cost of sales,
including buying and occupancy costs 5,530,072 5,372,143 Selling,
general and administrative expenses 1,411,603 1,335,050 Interest
expense, net 9,841 10,194 Income before
provision for income taxes 832,508 824,969 Provision for income
taxes 296,229 316,623 Net income $ 536,279 $
508,346 Diluted earnings per share $ 0.82 $ 0.76 Cash
dividends declared per share $ 0.3125 $ 0.26 Weighted
average common shares – diluted 654,799 670,388 The
TJX Companies, Inc. and Consolidated Subsidiaries Condensed Balance
Sheets (Unaudited) (In Millions)
April 29,2017
April 30,2016
ASSETS Current assets: Cash and cash equivalents $ 2,669.5 $
1,944.2 Short-term investments 457.1 403.7 Accounts receivable and
other current assets 685.8 624.8 Merchandise inventories
3,736.1 3,905.0 Total current assets 7,548.5
6,877.7 Property, net of depreciation 4,601.0 4,229.7
Goodwill 195.6 196.5 Other assets and tradename, net of
amortization 418.4 400.8 TOTAL ASSETS $
12,763.5 $ 11,704.7 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 2,174.7 $ 2,136.7 Accrued
expenses and other current liabilities 2,430.7
2,160.0 Total current liabilities 4,605.4
4,296.7 Other long-term liabilities 1,071.5 908.5
Non-current deferred income taxes, net 304.7 349.0 Long-term debt
2,228.4 1,615.5 Shareholders’ equity 4,553.5
4,535.0 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $
12,763.5 $ 11,704.7 The TJX Companies, Inc. and
Consolidated Subsidiaries Condensed Statements of Cash Flows
(Unaudited) (In Millions) 13 Weeks Ended
April 29,2017
April 30,2016
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 536.3 $
508.3 Depreciation and amortization 172.5 157.0 Deferred income tax
provision 8.2 16.1 Share-based compensation 24.1 25.0 (Increase) in
accounts receivable and other assets (38.9 ) (9.3 ) (Increase) in
merchandise inventories (88.6 ) (161.6 ) (Decrease) in accounts
payable (57.0 ) (96.4 ) (Decrease) in accrued expenses and other
liabilities (104.4 ) (8.0 ) Other (3.8 ) 14.1
Net cash provided by operating activities 448.4
445.2 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (258.5 ) (266.2 ) Purchases of
investments (233.1 ) (165.4 ) Sales and maturities of investments
289.9 144.8 Other - (2.3 ) Net cash (used in)
investing activities (201.7 ) (289.1 ) CASH
FLOWS FROM FINANCING ACTIVITIES: Payments for repurchase of common
stock (350.0 ) (341.2 ) Proceeds from issuance of common stock 52.0
63.9 Cash dividends paid (168.6 ) (140.1 ) Other (17.5 )
13.0 Net cash (used in) financing activities
(484.1 ) (404.4 ) Effect of exchange rate changes on
cash (22.9 ) 97.0 Net (decrease) in
cash and cash equivalents (260.3 ) (151.3 ) Cash and cash
equivalents at beginning of year 2,929.8
2,095.5 Cash and cash equivalents at end of period $
2,669.5 $ 1,944.2 The TJX Companies,
Inc. and Consolidated Subsidiaries Selected Information by Major
Business Segment (Unaudited) (In Thousands) 13
Weeks Ended
April 29,2017
April 30,2016
Net sales: In the United States: Marmaxx $ 4,967,135
$ 4,865,375 HomeGoods 1,121,269 1,010,436 TJX Canada 738,771
685,577 TJX International 956,849
980,968 Total net sales $ 7,784,024 $ 7,542,356
Segment profit: In the United States: Marmaxx $ 687,165 $
708,857 HomeGoods 152,092 138,210 TJX Canada 102,880 57,472 TJX
International 6,860 14,347 Total
segment profit 948,997 918,886 General corporate expense
106,648 83,723 Interest expense, net 9,841
10,194 Income before provision for income taxes $ 832,508
$ 824,969
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
1. During the first quarter ended April 29, 2017, TJX
repurchased 4.5 million shares of its common stock at a cost of
$350 million. In February 2017, the Company announced that the
Board of Directors approved an additional $1 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 September 7, 2016 TJX issued $1.0 billion of 2.250% ten
year notes. The Company used a portion of the proceeds to redeem
its $375 million 6.950% notes prior to their scheduled maturity of
April 15, 2019. On October 12, 2016 the Company completed the
redemption of the 6.950% notes pursuant to the terms of the
indenture and recorded a pre-tax loss on the early extinguishment
of debt of $51.8 million in the third quarter ended October 29,
2016.
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The TJX Companies, Inc.Debra McConnellGlobal Communications(508)
390-2323
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