TJX Sales Rise as More Shoppers Flock to Stores -- Update
28 2월 2019 - 12:41AM
Dow Jones News
By Allison Prang
TJX Cos. on Wednesday reported a decline in fourth-quarter
profit, but said that stronger customer traffic led to an increase
in comparable-store sales.
TJX, the parent company of HomeGoods, Marshalls and T.J. Maxx,
reported net income fell 4.1% from a year earlier to $841.5
million, or 68 cents a share. Analysts polled by Refinitiv were
expecting a profit of 68 cents a share. The company's income tax
bill was 43% higher than in the previous year.
Net sales rose 1.5% to $11.13 billion, ahead of the $11 billion
analysts were expecting. Sales climbed in the U.S. but fell in
international divisions. When adjusting for currency fluctuations,
TJX said sales rose in both international divisions.
Comparable-store sales rose 6% in the quarter featuring the
holiday shopping season. Analysts polled by Consensus Metrix were
expecting an increase of 3.5%.
Chief Executive Ernie Herrman said in prepared remarks that the
company's apparel and home categories were strong and that more
customer traffic helped spur the comparable-sales growth.
TJX expects earnings for the current fiscal year to be between
$2.55 and $2.60 a share, up from $2.43 a share earned in the year
ended Feb. 2. Higher wages and freight costs are expected to put a
damper on earnings growth, TJX said.
Comparable sales are expected to rise between 2% and 3%, but
that range is less than the 6% growth obtained in the prior year
and 4% growth in the year before that.
The company said it intends to increase its dividend to 23 cents
from 19.5 cents. TJX also plans to buy back between about $1.75
billion and $2.25 billion of its shares during this fiscal
year.
Shares rose 0.7% to $50.07 in Wednesday trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 27, 2019 10:26 ET (15:26 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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