The TJX Companies posts 13 percent sales growth

The TJX Companies’ net sales for the first quarter were 11.4 billion dollars, an increase of 13 percent versus the first quarter of fiscal 2022. U.S. comp store sales growth rounded down to flat over a 17 percent increase in U.S. open-only comp store sales in the first quarter of fiscal 2022.

Net income was 587 million dollars and GAAP diluted earnings per share were 49 cents versus 44 cents per share, while adjusted diluted earnings per share were 68 cents.

“I am particularly pleased that our first quarter pretax profit margin and earnings per share, each on an adjusted basis, exceeded our plans even though our sales were slightly below our planned range. We remain focused on our long-term vision to become an increasingly profitable, 60-billion dollars-plus company,” said Ernie Herrman, chief executive officer and president of The TJX Companies, Inc.

The TJX Companies expects slight increase in FY23 sales

For the second quarter, the company expects U.S. comparable store sales to be down 1 percent to down 3 percent versus a 21 percent U.S. open-only comp store sales increase in the second quarter of fiscal 2022 and diluted earnings per share to be in the range of 65 cents to 69 cents.

For the full year, the company now expects U.S. comparable store sales to be up 1 percent to 2 percent over a 17 percent U.S. open-only comp store sales increase in fiscal 2022, pretax margin in the range of 9.2 percent to 9.4 percent and adjusted pretax margin in the range of 9.6 percent to 9.8 percent and diluted earnings per share in the range of 2.94 dollars to 3.01 dollars and adjusted diluted earnings per share in the range of 3.13 dollars to 3.20 dollars.

The company’s full year outlook implies a 4 percent to 5 percent U.S. comparable store sales increase in the second half, over a 14 percent U.S. open-only comp store sales increase in the second half of fiscal 2022 and pretax margin in the double-digit range.

During the first quarter, the company increased its store count by 26 stores to a total of 4,715 stores.