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 second quarter
ended July 28, 2012. Net sales for the second quarter of Fiscal
2013 increased 9% to $5.9 billion and consolidated comparable store
sales increased 7%. Net income for the second quarter was $421
million and diluted earnings per share were $.56, a 24% increase
over $.45 per share last year.
For the first half of Fiscal 2013, net sales were $11.7 billion,
a 10% increase over last year, and consolidated comparable store
sales increased 8% over the same period last year. Net income was
$840 million, and diluted earnings per share were $1.11 compared to
$.79 in the same period last year. Last year’s results include a
number of items (detailed under “Items Impacting Comparability”
below) that impacted the comparability of earnings per share.
Excluding these items, diluted earnings per share for the first six
months of Fiscal 2013 increased 32% over the adjusted $.84 last
year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “We are extremely pleased that our strong momentum
continued in the second quarter. Our 24% increase in earnings per
share and 7% consolidated comparable store sales growth both
significantly exceeded our original expectations, with every
business posting excellent results. We are raising our full-year
guidance to reflect our second quarter earnings per share. In
addition, this marks the seventh consecutive year of very strong
second quarter operating performance, which we believe demonstrates
the sustainability of our sales and profit growth in both strong
and weak economies. Customer traffic was up substantially at all
divisions in the U.S., Canada and Europe and drove most of the
comparable store sales increase, reflecting our on-point fashions
and brands at great values. We are convinced that we will continue
to attract more new and loyal customers in the U.S. and
internationally with the power of our values, brand and fashion
content, and wide customer demographic appeal. August is off to a
strong start and we have many exciting opportunities for the second
half of 2012. Our inventories are in excellent shape, we see a
marketplace full of terrific brands and fashions, and we have great
marketing campaigns and in-store initiatives planned. It's
important to note that TJX is a company with a business model that
enables us to succeed in most macro environments and, at the same
time, has terrific growth potential. We are leveraging our four
powerful divisions and have deep confidence in our ability to
continue delivering profitable growth and high financial returns in
the near and long term!”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the second quarter, were as follows:
Second Quarter
Second Quarter
Comparable Store Sales1
Net Sales ($ in millions)2,3
FY2013 FY2012 FY2013 FY2012
In the U.S.:
Marmaxx4
+7% +5% $3,976 $3,654 HomeGoods
+9% +3% $598 $515
International:
TJX Canada
+5% -3% $661 $638 TJX Europe +10%
0% $711 $662
TJX +7% +4%
$5,946 $5,468
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in
currency exchange rates. 2Sales in Canada and Europe were impacted
by foreign currency exchange rates. See below. 3Figures may not
foot due to rounding. 4Combination of T.J. Maxx and Marshalls.
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 affect the magnitude of these translations and
adjustments, and can have a material impact when there is
significant volatility in currency exchange rates.
The movement in foreign currency exchange rates had a one
percentage point negative impact on consolidated net sales growth
in the second quarter of Fiscal 2013 versus the prior year’s second
quarter. The impact of foreign currency exchange rates on earnings
per share is discussed below under “Items Impacting
Comparability.”
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 Investor Information section of the
Company’s website, www.tjx.com.
Items Impacting
Comparability
For the second quarter of Fiscal 2013 the earnings per share
impact of foreign currency exchange rates was neutral, compared
with a $.01 per share positive impact last year.
For the first six months of Fiscal 2013, comparability to the
prior year was impacted by the A.J. Wright consolidation in Fiscal
2012, detailed in the table below:
First Six Months FY2013 FY2012
Reported EPS
$1.11 $.79 Impact of A.J. Wright Store
Closings - $.04 Store Conversion/Grand Re-Openings Costs
- $.02 Adjusted EPS*
$1.11 $.84
*Figures do not foot due to rounding.
The first six months of Fiscal 2012 included first quarter costs
associated with the A.J. Wright consolidation, primarily additional
lease obligations for store closings and additional operating
losses as well as the costs related to the conversion and grand
re-opening of certain former A.J. Wright stores to T.J. Maxx,
Marshalls and HomeGoods banners.
On a reported basis, diluted earnings per share for the first
six months of Fiscal 2013 were $1.11 compared to $.79 last year. On
an adjusted basis, excluding the items detailed above, diluted
earnings per share for the first six months of Fiscal 2013
represented a 32% increase over last year’s adjusted $.84.
For the first six months of Fiscal 2013, foreign currency
exchange rates had a $.01 negative impact on earnings per share,
the same as the $.01 per share negative impact during the same
period last year.
Margins
For the second quarter of Fiscal 2013, the Company’s
consolidated pretax profit margin was 11.5%, up 1.3 percentage
points over the prior year. The increase was primarily driven by
merchandise margin improvement and expense leverage.
The gross profit margin for the second quarter of Fiscal 2013
was 28.1%, 0.8 percentage points above the prior year. Strong
merchandise margin growth as well as buying and occupancy leverage
on above-plan sales, partially offset by a negative impact from
mark-to-market adjustments on the Company’s inventory-related
hedges, drove the favorability.
Selling, general and administrative costs as a percent of sales
were 16.5% in the second quarter, a 0.4 percentage point
improvement over the prior year’s ratio of 16.9%, primarily driven
by expense leverage on above-plan sales growth.
Inventory
Total inventories as of July 28, 2012, were $3.0 billion,
compared with $3.4 billion at the end of the second quarter last
year. Consolidated inventories on a per-store basis, including the
distribution centers, at July 28, 2012, were down 12% (down 11% on
a constant currency basis) versus being up 16% at the end of the
second quarter last year. Further, the Company’s store inventory
turns were faster than the prior year during the quarter. The
Company enters the third quarter with excellent inventory levels
and is very well positioned to take advantage of the opportunities
in the marketplace and continue shipping ever-changing merchandise
selections to its stores.
Share Repurchases
During the second quarter, the Company spent a total of $300
million in repurchases of TJX stock, retiring 7.1 million shares.
For the first half of Fiscal 2013, the Company has spent a total of
$550 million in repurchases of TJX stock, retiring 13.6 million
shares, and it continues to expect to repurchase approximately $1.2
billion to $1.3 billion of TJX stock in Fiscal 2013. The Company
may adjust the amount of this spending up or down.
Third Quarter and Full Year Fiscal 2013
Outlook
For the third quarter of Fiscal 2013, the Company expects
diluted earnings per share to be in the range of $.56 to $.59,
which represents a 6% to 11% increase over $.53 per share last
year. This outlook is based upon estimated consolidated comparable
store sales growth of 2% to 4%.
As mentioned above, for the fiscal year ending February 2, 2013,
the Company is raising its guidance for diluted earnings per share
by $.01 to reflect the Company’s second quarter earnings. The
Company now expects diluted earnings per share for the full year,
on a GAAP basis, to be in the range of $2.39 to $2.45, compared
with $1.93 in Fiscal 2012. This guidance represents a 20% to 23%
increase over the prior year’s adjusted earnings per share from
continuing operations of $1.99 (detailed below) and is based upon
estimated consolidated comparable store sales growth of 4% to
5%.
Full Year FY2013E FY2012 (53
weeks) (52 weeks)
EPS from continuing operations
$2.39 - $2.45 $1.93 Impact of A.J. Wright Closings -
$.04 Store Conversion/Grand Re-Openings Costs
-
$.02 Adjusted EPS from continuing operations
$2.39 - $2.45 $1.99
The Company’s full-year guidance includes an expected $.07 per
share benefit from the 53rd week in the Company’s Fiscal 2013
calendar. Excluding this estimated benefit, this guidance
represents a 17% to 20% increase over the prior year’s adjusted
earnings per share.
The Company’s earnings guidance for the third quarter and full
year Fiscal 2013 assumes that currency exchange rates will remain
unchanged from current levels.
Stores by Concept
During the second quarter ended July 28, 2012, the Company
increased its store count by a net of 32 stores. The Company
increased its square footage by 4% over the same period last
year.
Store Locations Gross
Square Feet Second Quarter Second Quarter
(in millions)
Beginning
End Beginning End In
the U.S.:
T.J. Maxx 990 1,005 29.0 29.4
Marshalls 888 891 27.5 27.7 HomeGoods
383 393 9.6 9.8
TJX Canada:
Winners
220 220 6.4 6.4 HomeSense 86
87 2.1 2.1 Marshalls 12 12
0.4 0.4
TJX Europe:
T.K. Maxx 335 338
10.6 10.7 HomeSense 24 24 0.5
0.5
TJX 2,938 2,970 86.1 87.0
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. The Company
operates 1,005 T.J. Maxx, 891 Marshalls, and 393 HomeGoods stores
in the United States; 220 Winners, 87 HomeSense, and 12 Marshalls
stores in Canada; and 338 T.K. Maxx and 24 HomeSense stores in
Europe. TJX’s press releases and financial information are also
available at www.tjx.com.
Fiscal 2013 Second Quarter Earnings
Conference Call
At 11:00 a.m. ET today, Carol Meyrowitz, Chief Executive Officer
of TJX, will hold a conference call with stock analysts to discuss
the Company’s second quarter Fiscal 2013 results, operations and
business trends. A real-time webcast of the call will be available
at www.tjx.com. A replay of the call will also be available by
dialing (866) 367-5577 through Tuesday, August 21, 2012 or at
www.tjx.com.
August Fiscal 2013 Sales Recorded
Call
Additionally, the Company expects to release its August 2012
sales results on Thursday, August 30, 2012, at approximately 8:15
a.m. ET. Concurrent with that press release, a recorded message
with more detailed information regarding TJX’s August sales
results, operations and business trends will be available at
www.tjx.com, or by calling (703) 736-7248 through Thursday,
September 6, 2012.
Non-GAAP Financial
Information
The Company has used non-GAAP financial measures in this press
release. The Company uses the term “reported” to refer to financial
measures prepared in accordance with accounting principles
generally accepted in the United States (GAAP) and the term
“adjusted” to refer to non-GAAP financial information adjusted to
exclude a number of identified items. 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 recorded messages and
conference calls are available at the Investor Information section
of www.tjx.com after they are no longer available by telephone as
well as 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 Investor Information section at www.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: buying and inventory management;
operational expansion and management of large size and scale;
customer trends and preferences; market, banner, geographic and
category expansion; marketing, advertising and promotional
programs; competition; personnel recruitment and retention; global
economic conditions and consumer spending; data security;
information systems and technology; seasonal influences; adverse or
unseasonable weather; serious disruptions and catastrophic events;
corporate and banner reputation; merchandise quality and safety;
international operations; merchandise importing; commodity pricing;
foreign currency exchange rates; fluctuations in quarterly
operating results; market expectations; acquisitions and
divestitures; compliance with laws, regulations and orders; changes
in laws and regulations; outcomes of litigation, legal matters and
proceedings; tax matters; real estate leasing; 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)
Thirteen Weeks Ended Twenty-Six Weeks
Ended
July 28,2012
July 30,2011
July 28,2012
July 30,2011
Net sales
$ 5,945,559
$ 5,468,274 $
11,743,645 $ 10,688,569
Cost of sales, including buying and occupancy costs
4,275,073 3,976,035 8,440,801 7,803,293 Selling, general and
administrative expenses 978,514 923,693 1,920,640 1,878,167
Interest expense, net
9,182
9,109 18,009
18,026 Income before provision for income taxes
682,790 559,437 1,364,195 989,083 Provision for income taxes
261,698 211,099
523,903 374,794 Net income
$ 421,092 $
348,338 $ 840,292
$ 614,289 Diluted earnings per
share $ 0.56 $ 0.45 $ 1.11 $ 0.79 Cash dividends declared
per share $ 0.115 $ 0.095 $ 0.23 $ 0.19 Weighted average
common shares – diluted 751,243 775,251 753,721 782,182
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
July 28,2012
July 30,2011
ASSETS Current assets: Cash and cash equivalents $ 1,620.4 $
977.8 Short-term investments 176.3 82.1 Accounts receivable and
other current assets 452.8 534.7 Current deferred income taxes, net
83.5 66.4 Merchandise inventories
3,007.7
3,368.1 Total current assets
5,340.7 5,029.1 Property
and capital leases, net of depreciation 2,855.8 2,660.4 Other
assets 260.1 227.6 Goodwill and tradename, net of amortization
180.0 180.0 TOTAL
ASSETS
$ 8,636.6 $
8,097.1 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 1,863.1 $ 1,922.3 Accrued
expenses and other current liabilities
1,362.4
1,269.0 Total current liabilities
3,225.5 3,191.3 Other
long-term liabilities 860.1 730.4 Non-current deferred income
taxes, net 386.5 296.0 Long-term debt 774.5 774.4
Shareholders’ equity
3,390.0
3,105.0 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$ 8,636.6 $
8,097.1
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
26 Weeks Ended
July 28,2012
July 30,2011
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 840.3 $
614.3 Depreciation and amortization 246.5 236.4 Deferred income tax
provision 30.8 46.5 Share-based compensation 29.9 31.7 Decrease
(increase) in accounts receivable and other assets 32.6 (76.7 )
(Increase) in merchandise inventories (59.7 ) (571.9 ) Increase in
accounts payable 218.6 220.3 (Decrease) in accrued expenses and
other liabilities (10.7 ) (156.8 ) Other
(20.6
)
(18.1 ) Net cash provided by operating
activities
1,307.7
325.7 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (438.9 ) (439.2 ) Purchases of
short-term investments (136.6 ) (56.2 ) Sales and maturities of
short-term investments 54.0 53.8 Other
0.5
0.5 Net cash (used in) investing
activities
(521.0 )
(441.1
) CASH FLOWS FROM FINANCING ACTIVITIES: Payments for
repurchase of common stock (597.0 ) (671.3 ) Proceeds from issuance
of common stock 61.3 110.8 Cash dividends paid (155.7 ) (131.6 )
Other
24.5 21.1
Net cash (used in) financing activities
(666.9 )
(671.0 ) Effect of
exchange rate changes on cash
(6.5 )
22.4 Net increase (decrease) in cash and
cash equivalents 113.3 (764.0 ) Cash and cash equivalents at
beginning of year
1,507.1
1,741.8 Cash and cash equivalents at end
of period
$ 1,620.4 $
977.8
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
Thirteen Weeks Ended Twenty-Six Weeks
Ended
July 28,2012
July 30,2011
July 28,2012
July 30,2011
Net sales: U.S. segments: Marmaxx $ 3,976,051 $ 3,653,586 $
7,865,109 $ 7,178,795 HomeGoods 597,714 515,309 1,193,436 1,018,592
A.J. Wright - - - 9,229 International segments: TJX Canada 660,703
637,691 1,300,912 1,229,760 TJX Europe
711,091
661,688 1,384,188
1,252,193 Total net sales
$
5,945,559 $ 5,468,274
$ 11,743,645 $ 10,688,569
Segment profit (loss): U.S. segments: Marmaxx $ 581,379 $
478,922
$ 1,186,007
$ 969,903 HomeGoods 60,531 37,472 129,964
82,931
A.J. Wright - - -
(49,291
) International segments: TJX Canada 92,661 92,309 163,726
128,392
TJX Europe
24,724 7,322
36,453
(23,993
) Total segment profit 759,295 616,025 1,516,150
1,107,942
General corporate expenses 67,323 47,479 133,946
100,833
Interest expense, net
9,182
9,109 18,009
18,026
Income before provision for income taxes
$
682,790 $ 559,437 $
1,364,195 $
989,083
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
- On January 5, 2012, TJX announced that
its Board of Directors approved a two-for-one stock split of the
Company’s common stock in the form of a stock dividend, payable
February 2, 2012 to shareholders of record at the close of business
on January 17, 2012. The stock split resulted in the issuance of
373 million shares of common stock. All historical per share
amounts and references to common stock activity, as well as basic
and diluted share amounts, have been adjusted to reflect the
two-for-one stock split.
- During the second quarter ended July
28, 2012, TJX repurchased 7.1 million shares of its common stock at
a cost of $300 million. During the six months ended July 28, 2012,
TJX repurchased 13.6 million shares of its common stock at a cost
of $550 million, with $225 million under the $1 billion stock
repurchase plan approved in February 2011, completing the plan, and
$325 million under the $2 billion stock repurchase program approved
by the Board of Directors early in fiscal 2013. 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.
- In the fourth quarter of fiscal 2011,
TJX’s Board of Directors approved the consolidation of its A.J.
Wright division whereby 90 A.J. Wright stores were converted into
T.J. Maxx, Marshalls or HomeGoods stores and the remaining 72
stores, its two distribution centers and home office were closed.
The majority of the costs to consolidate A.J. Wright were
recognized in the fourth quarter of fiscal 2011 but due to the
timing of the store closings the additional closing costs
(primarily lease related obligations) and additional operating
losses were reported as a $49 million A.J. Wright segment loss in
the first quarter of fiscal 2012. In addition, the first quarter of
fiscal 2012 included costs related to the conversion of the 90 A.J.
Wright stores to other banners (primarily store payroll and
occupancy costs during the approximate eight to twelve-week period
in which the stores were closed) and costs related to grand opening
events when the stores re-opened. These costs totaled $20 million,
with $17 million reflected in the Marmaxx segment and $3 million in
the HomeGoods segment for the six months ended July 30, 2011.
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