- Q4 FY23 U.S. comp store sales increased 4%, well above the
Company’s plan and versus a 13% U.S. open-only comp store sales
increase last year
- Q4 FY23 comp store sales at Marmaxx increased 7%, driven by
very strong sales of apparel and accessories categories
- Q4 FY23 diluted earnings per share of $.89, up 14% versus
the prior year and at the high-end of the Company’s plan
- Q4 FY23 pretax profit margin of 9.2%, below the Company’s
plan due to an unplanned shrink charge (see below)
- FY23 U.S. comp store sales were flat, versus a 17% U.S.
open-only comp store sales increase last year
- FY23 diluted earnings per share were $2.97 and adjusted
diluted earnings per share were $3.11, both at the high-end of the
Company’s plan
- FY23 pretax profit margin of 9.3%, at the low-end of the
Company’s plan
- FY23 adjusted pretax profit margin of 9.7%, slightly below
the Company’s plan due to the unplanned shrink charge in Q4 FY23
(see below)
- Returned $3.6 billion to shareholders in FY23 through share
repurchases and dividends
- Provides Q1 and full year FY24 guidance; Planning a pretax
profit margin increase in FY24
- Reiterates FY25 pretax profit margin target of
10.6%
The TJX Companies, Inc. (NYSE: TJX), the leading off-price
apparel and home fashions retailer in the U.S. and worldwide, today
announced sales and operating results for the fourth quarter and
fiscal year ended January 28, 2023. Net sales for the fourth
quarter of Fiscal 2023 were $14.5 billion, an increase of 5% versus
the fourth quarter of Fiscal 2022. U.S. comp store sales (defined
below) increased 4% versus a 13% increase in U.S. open-only comp
store sales (defined below) in the fourth quarter of Fiscal 2022.
Net income for the fourth quarter of Fiscal 2023 was $1.0 billion
and diluted earnings per share were $.89, a 14% increase versus
$.78 in the fourth quarter of Fiscal 2022.
For the full year Fiscal 2023, net sales were $49.9 billion, an
increase of 3% versus the full year Fiscal 2022. Full year Fiscal
2023 U.S. comp store sales were flat versus a 17% increase in U.S.
open-only comp store sales in Fiscal 2022. Net income for the full
year of Fiscal 2023 was $3.5 billion. For the full year Fiscal
2023, diluted earnings per share were $2.97, a 10% increase versus
$2.70 in Fiscal 2022. Full year Fiscal 2023 adjusted diluted
earnings per share were $3.11, which excluded a $.14 net of tax
charge related to a write-down and the divestiture of the Company’s
minority investment in Familia (see below). This was a 9% increase
versus full year Fiscal 2022 adjusted diluted earnings per share of
$2.85, which excluded a $.15 debt extinguishment charge.
CEO and President
Comments
Ernie Herrman, Chief Executive Officer and President of The TJX
Companies, Inc., stated, “I am so proud of the outstanding
performance and execution of our teams again in 2022. By staying
focused on our off-price fundamentals, which have served us well
through many kinds of retail and macro environments, we continued
to bring customers around the world exciting values and a
treasure-hunt shopping experience, every day. Our eclectic, rapidly
changing mix of gift giving assortments clearly resonated with
consumers this holiday season. We saw fourth quarter U.S. comp
store sales growth of 4%, well above our plan, and U.S. customer
traffic increase. Marmaxx delivered a very strong 7% comp increase,
its highest quarterly comp of the year, driven by excellent sales
in its apparel and accessories categories.”
Herrman continued, “For the full year, total sales neared $50
billion, U.S. comp store sales were flat, and overall profitability
improved. During the year, our apparel businesses, including
accessories, across the Company were strong. Sales at our home
businesses overall were softer as we saw extraordinary growth
during the two prior years when consumers focused on purchases for
their homes. At our international divisions, we saw total sales
increases and improved profitability for the year. Fiscal 2024 is
off to a strong start and we remain confident in improving our
profitability this year and reaching our pretax profit margin
target of 10.6% by Fiscal 2025. We are energized for the year ahead
and our plans to keep bringing customers around the globe
ever-changing selections of great fashions and brands at excellent
values. Longer term, I am confident that we are on track to
becoming an increasingly profitable $60 billion-plus company.”
U.S. Comparable Store Sales (FY2023)
and U.S. Open-Only Comparable Store Sales (FY2022)
The Company’s U.S. comparable store sales by division in the
fourth quarter of Fiscal 2023 and full year Fiscal 2023, and U.S.
open-only comparable store sales by division in the fourth quarter
of Fiscal 2022 and full year Fiscal 2022 were as follows:
Fourth Quarter FY2023
U.S. Comparable Store Sales1
Fourth Quarter
FY2022 U.S. Open- Only Comparable Store Sales1,2
Full Year FY2023 U.S.
Comparable Store Sales1
Full Year FY2022
U.S. Open- Only Comparable Store Sales1,2
Marmaxx3
+7%
+10%
+3%
+13%
HomeGoods4
-7%
+22%
-11%
+32%
Total U.S.5
+4%
+13%
0%
+17%
1Comparable store sales exclude e-commerce
sites (tjmaxx.com, marshalls.com, homegoods.com, and sierra.com).
2This measure reports the sales increase or decrease of these
stores for the days they were open in the fourth quarter and full
year of Fiscal 2022 against sales of those stores for the same days
in Fiscal 2020, prior to the emergence of the COVID-19 global
pandemic. 3Combination of T.J. Maxx, Marshalls, and Sierra stores.
4Combination of HomeGoods and Homesense stores. 5Combination of
Marmaxx and HomeGoods divisions.
Net Sales by Division
The Company’s net sales by division in the fourth quarter of
Fiscal 2023 were as follows:
Fourth Quarter Net Sales
($ in millions)1,2
Fourth Quarter FY2023 Reported
Sales Growth
Fourth Quarter FY2023 Sales
Growth on a Constant Currency Basis3
FY2023
FY2022
Marmaxx (U.S.)4
$8,983
$8,280
+8%
N.A.
HomeGoods (U.S.)5
$2,424
$2,516
-4%
N.A.
Total U.S. 6
$11,407
$10,796
+6%
N.A.
TJX Canada
$1,297
$1,255
+3%
+10%
TJX International (Europe &
Australia)
$1,816
$1,803
+1%
+11%
TJX
$14,520
$13,854
+5%
+7%
The Company’s full year Fiscal 2023 net sales by division were
as follows:
Full Year Net Sales ($ in
millions)1,2
Full Year FY2023 Reported
Sales Growth
Full Year FY2023 Sales Growth
on a Constant Currency Basis3
FY2023
FY2022
Marmaxx (U.S.)4
$30,545
$29,483
+4%
N.A.
HomeGoods (U.S.)5
$8,264
$8,995
-8%
N.A.
Total U.S. 6
$38,809
$38,478
+1%
N.A.
TJX Canada
$4,912
$4,343
+13%
+18%
TJX International (Europe &
Australia)
$6,215
$5,729
+8%
+22%
TJX
$49,936
$48,550
+3%
+5%
1Net sales in TJX Canada and TJX
International include the impact of foreign currency exchange
rates. 2Figures may not foot due to rounding. 3Reflects net sales
adjusted for the impact of foreign currency; see Impact of Foreign
Currency Exchange Rates, below. 4Combination of T.J. Maxx,
Marshalls, and Sierra stores, and tjmaxx.com, marshalls.com, and
sierra.com e-commerce sites. 5Combination of HomeGoods and
Homesense stores, and homegoods.com e-commerce site. 6Combination
of Marmaxx and HomeGoods divisions.
Margins
For the fourth quarter of Fiscal 2023, the Company’s pretax
profit margin was 9.2%, a 0.2 percentage point increase versus last
year’s fourth quarter pretax profit margin of 9.0%. Merchandise
margin decreased slightly and includes an unplanned 0.6 percentage
point shrink charge versus last year. The Company’s fourth quarter
guidance had contemplated that shrink would be a 0.5 percentage
point benefit to pretax profit margin versus the prior year.
Gross profit margin for the fourth quarter of Fiscal 2023 was
26.1%, a 1.0 percentage point decrease versus the fourth quarter of
Fiscal 2022. Selling, general and administrative (SG&A) costs
as a percent of sales for the fourth quarter of Fiscal 2023 were
17.0%, a 1.0 percentage point decrease versus the fourth quarter of
Fiscal 2022.
For the full year Fiscal 2023, the Company’s pretax profit
margin was 9.3%, a 0.2 percentage point increase versus last year’s
pretax profit margin of 9.1%. For the full year Fiscal 2023, the
Company’s adjusted pretax profit margin was 9.7%, which excludes a
0.4 percentage point charge related to a write-down of the
Company’s minority investment in Familia. This is a 0.1 percentage
point increase versus the Company’s full year Fiscal 2022 adjusted
pretax profit margin of 9.6%, which excluded a 0.5 percentage point
debt extinguishment charge. Full year Fiscal 2023 pretax profit
margin included an unplanned 0.3 percentage point shrink charge.
The Company’s most recent full year Fiscal 2023 guidance had
contemplated that shrink would be neutral to pretax profit margin
versus the prior year.
Gross profit margin for full year Fiscal 2023 was 27.6%, a 0.9
percentage point decrease versus the prior year. Selling, general
and administrative (SG&A) costs as a percent of sales for the
full year Fiscal 2023 were 17.9%, a 0.8 percentage point decrease
versus the prior year.
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. Given the global operations
of the Company, to facilitate comparability, the Company has
provided sales growth and inventory on a constant currency basis,
which assumes a constant exchange rate between periods for
translation based on the rate in effect for the prior period.
The movement in foreign currency exchange rates had a two
percentage point negative impact on the Company’s net sales growth
in the fourth quarter of Fiscal 2023 versus the prior year. The
overall net impact of foreign currency exchange rates had a $.03
negative impact on fourth quarter Fiscal 2023 diluted earnings per
share.
The movement in foreign currency exchange rates had a two
percentage point negative impact on the Company’s net sales growth
in the full year Fiscal 2023 versus the prior year. The overall net
impact of foreign currency exchange rates had a $.06 negative
impact on the full year Fiscal 2023 diluted earnings per share.
A table detailing the impact of foreign currency on TJX’s 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 the Company refers to as “transactional foreign
exchange.”
Inventory
Total inventories as of January 28, 2023 were $5.8 billion,
compared with $6.0 billion at the end of Fiscal 2022. Consolidated
inventories on a per-store basis as of January 28, 2023, including
distribution centers, but excluding inventory in transit, the
Company’s e-commerce sites, and Sierra stores, were up 1% on a
reported basis (with inventory on a constant currency basis up 2%,
which reflects inventory adjusted for the impact of foreign
currency exchange rates, as described above). The Company is
well-positioned to take advantage of the outstanding availability
of quality, branded merchandise in the marketplace and flow fresh
merchandise to its stores and online this spring.
Cash and Shareholder
Distributions
For the fourth quarter of Fiscal 2023, the Company generated
$3.0 billion of operating cash flow. For the full year Fiscal 2023,
the Company generated $4.1 billion of operating cash flow and ended
the year with $5.5 billion of cash.
During the fourth quarter, the Company returned $791 million to
shareholders. The Company repurchased a total of $450 million of
TJX stock, retiring 5.7 million shares, and paid $341 million in
shareholder dividends during the quarter. In Fiscal 2023, the
Company returned a total of $3.6 billion to shareholders, which
includes repurchasing a total of $2.25 billion of TJX stock,
retiring 34.8 million shares, and paying $1.34 billion in
shareholder dividends.
With the Company’s continued strong cash flow, TJX announced
today that it intends to increase the regular quarterly dividend on
its common stock expected to be declared in March 2023 and payable
in June 2023 to $.3325 per share, subject to the approval of the
Company’s Board of Directors. This would represent a 13% increase
over the current per share dividend.
The Company is also announcing today its plan to repurchase
approximately $2.0 to $2.5 billion of TJX stock during the fiscal
year ending February 3, 2024. With $1.5 billion remaining at Fiscal
2023 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 2.2% of the Company’s
outstanding shares at current prices. The new stock repurchase
program marks the 23rd program approved by the Board since 1997.
Under the Company’s repurchase programs, 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.
Divestiture of Familia
During Fiscal 2023, the Company announced and completed the
divestiture of its minority investment in Familia. As a result, the
Company recorded an impairment charge of $217.6 million in the
first quarter of Fiscal 2023, which negatively impacted first
quarter Fiscal 2023 diluted earnings per share by $.19.
Additionally, the Company realized a $54 million tax benefit in the
third quarter of Fiscal 2023, which increased third quarter Fiscal
2023 diluted earnings per share by $.05. The combination of the
first quarter impairment charge and the related third quarter tax
benefit negatively impacted full year Fiscal 2023 diluted earnings
per share by $.14.
First Quarter and Full Year Fiscal 2024
Outlook
For the first quarter of Fiscal 2024, the Company is planning
overall comparable store sales to be up 2% to 3%. For the first
quarter of Fiscal 2024, the Company expects pretax profit margin to
be in the range of 9.2% to 9.5% and diluted earnings per share to
be in the range of $.68 to $.71.
For the fiscal year ending February 3, 2024, the Company is
planning overall comparable store sales to be up 2% to 3%. For the
53-week fiscal year ending February 3, 2024, the Company expects
pretax profit margin to be in the range of 10.1% to 10.3% and
diluted earnings per share to be in the range of $3.39 to $3.51.
The Company’s full year guidance includes an expected pretax margin
benefit of approximately 0.1 percentage points and a diluted
earnings per share benefit of approximately $.10 due to the 53rd
week in the Company’s Fiscal 2024 calendar. Excluding these
expected benefits, the Company expects full year Fiscal 2024
adjusted pretax profit margin to be in the range of 10.0% to 10.2%
and adjusted diluted earnings per share to be in the range of $3.29
to $3.41.
Stores by Concept
During the fiscal year ended January 28, 2023, the Company
increased its store count by 146 stores to a total of 4,835 stores
and increased square footage by 3% over the prior year.
Store Locations1
Gross Square Feet2
FY2023
FY2023
(in millions)
Beginning
End
Beginning
End
In the U.S.:
T.J. Maxx
1,284
1,299
35.0
35.3
Marshalls
1,148
1,183
32.7
33.4
HomeGoods
850
894
19.8
20.8
Sierra
59
78
1.2
1.6
Homesense
39
46
1.0
1.2
In Canada:
Winners
293
297
8.0
8.1
HomeSense
147
151
3.4
3.5
Marshalls
106
106
2.8
2.8
In Europe:
T.K. Maxx
618
629
17.3
17.6
Homesense
77
78
1.5
1.5
In Australia:
T.K. Maxx
68
74
1.5
1.6
TJX
4,689
4,835
124.2
127.4
1Store counts above include both banners
within a combo or a superstore.
2Square feet figures may not foot due to
rounding.
Fiscal 2023 U.S. Comparable Store
Sales
For Fiscal 2023, the Company returned to its historical
definition of comparable store sales. While stores in the U.S. were
open for all of Fiscal 2022, a significant number of stores in TJX
Canada and TJX International (Europe and Australia) experienced
COVID-19 related temporary store closures and government-mandated
shopping restrictions during Fiscal 2022. Therefore, the Company
cannot measure year-over-year comparable store sales with Fiscal
2022 in these geographies in a meaningful way. As a result, the
comparable stores included in the Fiscal 2023 measure consist of
U.S. stores only, which, for clarity, the Company refers to as U.S.
comparable store sales and are calculated against sales for the
comparable periods in Fiscal 2022.
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
28, 2023, the end of the Company’s fiscal year, the Company
operated a total of 4,835 stores in nine countries, the United
States, Canada, the United Kingdom, Ireland, Germany, Poland,
Austria, the Netherlands, and Australia, and five e-commerce sites.
These include 1,299 T.J. Maxx, 1,183 Marshalls, 894 HomeGoods, 78
Sierra, and 46 Homesense stores, as well as tjmaxx.com,
marshalls.com, homegoods.com, and sierra.com, in the United States;
297 Winners, 151 HomeSense, and 106 Marshalls stores in Canada; 629
T.K. Maxx and 78 Homesense stores, as well as tkmaxx.com, in
Europe; and 74 T.K. Maxx stores in Australia. TJX’s press releases
and financial information are available at TJX.com.
Fourth Quarter and Full Year Fiscal
2023 Earnings Conference Call
At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer
and President of TJX, will hold a conference call to discuss the
Company’s fourth quarter and full year Fiscal 2023 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 (toll free) or
(203) 369-0233 through Tuesday, February 28, 2023, or at
TJX.com.
Non-GAAP Financial
Information
The Company has used non-GAAP financial measures in this press
release. Non-GAAP financial measures refer to financial information
adjusted to exclude or include, as applicable from financial
measures prepared in accordance with accounting principles
generally accepted in the United States (GAAP), items identified in
this press release. Non-GAAP financial measures used in this press
release include adjusted diluted earnings per share, total U.S. net
sales, sales growth on a constant currency basis, inventory on a
constant currency basis, and adjusted pretax profit margin. The
Company believes that the presentation of adjusted financial
results is useful to investors as it provides additional
information on comparisons between periods by excluding certain
items that affect overall comparability. The Company uses these
non-GAAP financial measures for business planning purposes, to
consider underlying trends of its business, and in measuring its
performance relative to others in the market, and believes
presenting these measures also provides information to investors
and others for understanding and evaluating trends in the Company’s
operating results or measuring performance in the same manner as
the Company’s management. 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. The
use of these non-GAAP financial measures may differ from similar
measures reported by other companies and may not be comparable to
other similarly titled measures.
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
Various statements made in this release are forward-looking, and
are inherently subject to a number of risks, uncertainties and
potentially inaccurate assumptions. All statements that address
activities, events or developments that we intend, expect or
believe may occur in the future are forward-looking statements,
including, among others, statements regarding the Company’s
anticipated operating and financial performance, business plans and
prospects, dividends and share repurchases, Fiscal 2024 outlook,
and Fiscal 2025 pretax margin target. These statements are
typically accompanied by the words “aim,” “anticipate,” “aspire,”
“believe,” “continue,” “could,” “should,” “estimate,” “expect,”
“forecast,” “goal,” “hope,” “intend,” “may,” “plan,” “project,”
“potential,” “seek,” “strive,” “target,” “will,” “would,” or
similar words, although not all forward-looking statements contain
these identifying words. Each forward-looking statement is subject
to risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. Applicable risks and uncertainties
include, among others, the ongoing COVID-19 pandemic and associated
containment and remediation efforts; execution of buying strategy
and inventory management; various marketing efforts; customer
trends and preferences; competition; operational and business
expansion; management of large size and scale; merchandise sourcing
and transport; labor costs and workforce challenges; personnel
recruitment, training and retention; data security and maintenance
and development of information technology systems; corporate and
retail banner reputation; cash flow; expanding international
operations; fluctuations in quarterly operating results and market
expectations; mergers, acquisitions, or business investments and
divestitures, closings or business consolidations; real estate
activities; inventory or asset loss; economic conditions and
consumer spending; market instability; serious disruptions or
catastrophic events; disproportionate impact of disruptions in the
final quarter of the fiscal year; commodity availability and
pricing; adverse or unseasonable weather; fluctuations in currency
exchange rates; 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; quality, safety and other issues with our
merchandise; tax matters; and other factors that may be described
in our filings with the Securities and Exchange Commission (the
“SEC”), including our most recent Annual Report on Form 10-K filed
with the SEC. You are encouraged to read our filings with the SEC,
available at www.sec.gov, for a discussion of these and other risks
and uncertainties. We caution investors, potential investors and
others not to place considerable reliance on the forward-looking
statements contained in this release. The forward-looking
statements in this release speak only as of the date of this
release, and we do not undertake any obligation 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 Millions Except Per Share
Amounts)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
January 28, 2023
January 29, 2022
January 28, 2023
January 29, 2022
Net sales
$
14,520
$
13,854
$
49,936
$
48,550
Cost of sales, including buying and
occupancy costs
10,731
10,094
36,149
34,714
Selling, general and administrative
expenses
2,473
2,496
8,927
9,081
Impairment on equity investment
—
—
218
—
Loss on early extinguishment of debt
—
—
—
242
Interest (income) expense, net
(23
)
21
6
115
Income before income taxes
1,339
1,243
4,636
4,398
Provision for income taxes
301
303
1,138
1,115
Net income
$
1,038
$
940
$
3,498
$
3,283
Diluted earnings per share
$
0.89
$
0.78
$
2.97
$
2.70
Cash dividends declared per share
$
0.295
$
0.26
$
1.18
$
1.04
Weighted average common shares –
diluted
1,171
1,205
1,178
1,216
The TJX Companies, Inc. and
Consolidated Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
January 28, 2023
January 29, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
5,477
$
6,227
Accounts receivable and other current
assets
1,041
955
Merchandise inventories
5,819
5,962
Federal, state and foreign income taxes
recoverable
119
115
Total current assets
12,456
13,259
Net property at cost
5,783
5,271
Operating lease right of use assets
9,086
8,854
Goodwill
97
97
Other assets
927
980
TOTAL ASSETS
$
28,349
$
28,461
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
3,794
$
4,465
Accrued expenses and other current
liabilities
4,401
4,426
Current portion of operating lease
liabilities
1,610
1,577
Current portion of long-term debt
500
—
Total current liabilities
10,305
10,468
Other long-term liabilities
919
1,015
Non-current deferred income taxes, net
127
44
Long-term operating lease liabilities
7,775
7,576
Long-term debt
2,859
3,355
Shareholders’ equity
6,364
6,003
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
28,349
$
28,461
The TJX Companies, Inc. and
Consolidated Subsidiaries
Condensed Statements of Cash
Flows
(Unaudited)
(In Millions)
Fifty-Two Weeks Ended
January 28, 2023
January 29, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
3,498
$
3,283
Depreciation and amortization
887
868
Impairment on equity investment
218
—
Loss on early extinguishment of debt
—
242
Loss on property disposals and impairment
charges
23
9
Deferred income tax provision
(benefit)
64
(44
)
Share-based compensation
122
189
(Increase) in accounts receivable and
other assets
(124
)
(28
)
Decrease (increase) in merchandise
inventories
58
(1,658
)
(Increase) in income taxes recoverable
(5
)
(78
)
(Decrease) in accounts payable
(600
)
(338
)
(Decrease) increase in accrued expenses
and other liabilities
(149
)
759
(Decrease) in net operating lease
liabilities
(1
)
(129
)
Other
93
(18
)
Net cash provided by operating
activities
4,084
3,057
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions
(1,457
)
(1,045
)
Purchase of investments
(31
)
(22
)
Sales and maturities of investments
18
21
Net cash (used in) investing
activities
(1,470
)
(1,046
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt and
extinguishment expenses
—
(2,976
)
Payments for repurchase of common
stock
(2,255
)
(2,176
)
Proceeds from issuance of common stock
321
229
Cash dividends paid
(1,339
)
(1,252
)
Other
(33
)
(25
)
Net cash (used in) financing
activities
(3,306
)
(6,200
)
Effect of exchange rate changes on
cash
(58
)
(54
)
Net (decrease) in cash and cash
equivalents
(750
)
(4,243
)
Cash and cash equivalents at beginning of
year
6,227
10,470
Cash and cash equivalents at end of
period
$
5,477
$
6,227
The TJX Companies, Inc. and
Consolidated Subsidiaries
Selected Information by Major
Business Segment
(Unaudited)
(In Millions)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
January 28, 2023
January 29, 2022
January 28, 2023
January 29, 2022
Net sales:
In the United States:
Marmaxx
$
8,983
$
8,280
$
30,545
$
29,483
HomeGoods
2,424
2,516
8,264
8,995
TJX Canada
1,297
1,255
4,912
4,343
TJX International
1,816
1,803
6,215
5,729
Total net sales
$
14,520
$
13,854
$
49,936
$
48,550
Segment profit:
In the United States:
Marmaxx
$
1,043
$
985
$
3,883
$
3,813
HomeGoods
178
210
522
907
TJX Canada
162
126
690
485
TJX International
131
82
347
161
Total segment profit
1,514
1,403
5,442
5,366
General corporate expense
198
139
582
611
Loss on early extinguishment of debt
—
—
—
242
Impairment on equity investment
—
—
218
—
Interest (income) expense, net
(23
)
21
6
115
Income before income taxes
$
1,339
$
1,243
$
4,636
$
4,398
The TJX Companies, Inc. and Consolidated
Subsidiaries Notes to Consolidated Condensed Statements
- During the fourth quarter ended January 28, 2023, the Company
returned a total of $0.8 billion to shareholders. The Company
repurchased and retired 5.7 million shares of its common stock at a
cost of $0.5 billion on a "trade date" basis and paid $0.3 billion
in shareholder dividends. During the twelve months ended January
28, 2023, the Company returned a total of $3.6 billion to
shareholders. The Company repurchased and retired 34.8 million
shares of its common stock at a cost of $2.3 billion on a "trade
date" basis and paid $1.3 billion in shareholder dividends. In
February 2023, the Company announced that the Board of Directors
had 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, with $1.5 billion still remaining as of January
28, 2023 under the existing 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.
- During fiscal 2023, the Company announced and completed the
divestiture of its minority investment in Familia. As a result, the
Company recorded an impairment charge of $218 million in the first
quarter of fiscal 2023, which negatively impacted first quarter
fiscal 2023 earnings per share by $0.19. Additionally, the Company
realized a $54 million tax benefit in the third quarter of fiscal
2023 in connection with the completion of this divestiture, which
increased third quarter fiscal 2023 diluted earnings per share by
$0.05. The combination of the first quarter impairment charge and
the related third quarter tax benefit negatively impacted full year
fiscal 2023 diluted earnings per share by $0.14.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230221005887/en/
The TJX Companies, Inc. Debra McConnell Global Communications
(508) 390-2323
TJX Companies (NYSE:TJX)
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부터 6월(6) 2024 으로 7월(7) 2024
TJX Companies (NYSE:TJX)
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부터 7월(7) 2023 으로 7월(7) 2024