TJX Companies reports revenue and earnings growth

The TJX Companies, Inc. net sales for the fourth quarter were 14.5 billion dollars, an increase of 5 percent versus the fourth quarter of fiscal 2022.

U.S. comp store sales, the company said in a release, increased 4 percent versus a 13 percent increase in U.S. open-only comp store sales in the fourth quarter of fiscal 2022.

Net income for the quarter was 1 billion dollars and diluted earnings per share were 89 cents, a 14 percent increase versus the fourth quarter last year.

Commenting on the trading performance, Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., stated: “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 percent, well above our plan, and U.S. customer traffic increase. Marmaxx delivered a very strong 7 percent comp increase, its highest quarterly comp of the year, driven by excellent sales in its apparel and accessories categories.”

Review of The TJX Companies full year results

For the full year, the company’s net sales were 49.9 billion dollars, an increase of 3 percent, while U.S. comp store sales were flat versus a 17 percent increase in U.S. open-only comp store sales in fiscal 2022.

Net income for the year was 3.5 billion dollars and diluted earnings per share were 2.97 dollars, a 10 percent increase versus 2.70 dollars in fiscal 2022. Adjusted diluted earnings per share were 3.11 dollars, a 9 percent increase versus 2022.

“For the full year, total sales neared 50 billion dollars, 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,” Herrman added.

TJX Companies reveals expectations for Q1 and FY23

For the first quarter of fiscal 2024, the company is planning overall comparable store sales to be up 2 percent to 3 percent, pretax profit margin to be in the range of 9.2 percent to 9.5 percent and diluted earnings per share to be in the range of 68 cents to 71 cents.

For the fiscal year ending February 3, 2024, the company is planning overall comparable store sales to be up 2 percent to 3 percent, pretax profit margin to be in the range of 10.1 percent to 10.3 percent and diluted earnings per share to be in the range of 3.39 dollars to 3.51 dollars.

During the fiscal year ended January 28, 2023, the company increased its store count by 146 stores to a total of 4,835 stores.