The TJX Companies, Inc. Raises View of Q3 & Full Year FY14 & Highlights Investor Event Focus: Increased Long-Term Store Growt...
2013年10月22日 - 5:59AM
ビジネスワイヤ(英語)
The TJX Companies, Inc. (NYSE:TJX), the leading off-price
retailer of apparel and home fashions in the U.S. and worldwide, is
raising its forecast for the current year’s (Fiscal 2014) third
quarter and full year results. In addition, the Company will focus
its Investor Event tomorrow, October 22, 2013, on its increased
long-term store growth potential and the Company’s key strengths
that underscore its confidence in these estimates. Ahead of the
event, the Company also confirmed its long-term EPS growth
model.
Company Raises View of Third Quarter
and Full Year Fiscal 2014
With strong sales and profit margins quarter-to-date, the
Company is raising its third quarter Fiscal 2014 earnings per share
and comparable store sales guidance. The Company now expects third
quarter diluted earnings per share to be in the range of $.84 to
$.85, compared with last year’s $.62 per share. This guidance now
reflects an estimated $.11 tax benefit, due to reversals of state
and foreign tax reserves and allowances, that was not contemplated
in the Company’s previous guidance. Excluding the tax benefit, on
an adjusted basis, this guidance would be $.73 to $.74, an 18% to
19% increase over the prior year. The Company now expects third
quarter consolidated comparable store sales growth to be
approximately 4% over last year’s reported 7% increase.
The Company is also raising its full year earnings per share
outlook to reflect its increased third quarter guidance. For the
fiscal year ending February 1, 2014, the Company now expects
diluted earnings per share of $2.89 to $2.93 versus $2.55 in Fiscal
2013. On an adjusted basis, excluding the $.11 tax benefit
discussed above, this guidance would be $2.78 to $2.82. Excluding
the approximately $.08 benefit from the 53rd week in the Company’s
Fiscal 2013 calendar, this adjusted EPS guidance would represent a
13% to 14% increase over the prior year’s adjusted EPS of $2.47.
This outlook continues to be based on estimated consolidated
comparable store sales growth of 2% to 3%.
The Company is maintaining its fourth quarter earnings per share
guidance of $.77 to $.80, compared to $.82 last year, which also
included the approximately $.08 benefit from the extra week in
Fiscal 2013.
Investor Event Focus
Company to Raise Long-Term Store Growth
Potential in Current Markets
The Company will raise its estimates for long-term store growth
potential on a consolidated basis with its current chains, in its
current markets. The most significant factor in this increase is
that TJX now believes that its Marmaxx division (T.J. Maxx and
Marshalls) can grow to substantially more stores in the U.S. than
it had previously estimated. Marmaxx has seen successful growth in
both major cities and rural areas over the last several years,
which has given the Company the confidence to increase its growth
estimates.
Company Sees Greater Margin Potential for
European Division
The Company will discuss its view that it now sees TJX Europe
(consisting of T.K. Maxx and HomeSense) as having the long-term
potential to reach a 10%-plus segment profit margin. Previously,
the Company had modeled its European division at a potential
8%-plus margin. TJX Europe has reported strong results for the past
seven quarters, which has given the Company confidence in this
division’s increased ability to lever its infrastructure as it
pursues its expansion opportunities.
Continued Confidence in Long-Term Annual
EPS Growth Model of 10%-13%
The Company is also confirming its confidence in its ability to
grow earnings per share annually by 10%-13% for each of the next
three years. The underlying components of this plan remain as
follows: The Company expects to grow its sales by 6%-7%, with
approximately 2% growth coming from comparable store sales and
4%-5% from square footage growth. An additional 1%-2% is estimated
to come from segment profit margin improvement and an additional
3%-4% is expected to come from the Company’s share repurchase
program.
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 August
3, 2013, the end of the Company’s second quarter, the Company
operates 1,052 T.J. Maxx, 914 Marshalls, 430 HomeGoods and 4 Sierra
Trading Post stores as well as SierraTradingPost.com in the United
States; 226 Winners, 89 HomeSense, and 22 Marshalls stores in
Canada; and 355 T.K. Maxx and 27 HomeSense stores in Europe. TJX’s
press releases and financial information are also available at
www.tjx.com.
Investor Event Webcast
Information
The Company will webcast the management presentations at its
Investor Event on Tuesday, October 22, 2013, from approximately
1:30 p.m. to 3:15 p.m. ET that day. The management presentations
will cover business operations, updates and future growth
opportunities. A real-time webcast, which will be in listen-only
mode, will be available to the public on both the homepage and
Investor Information section of www.tjx.com. The webcast also will be archived and available
for replay soon after the event at www.tjx.com.
Important Information at
Website
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: execution of buying strategy 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 and costs of labor; global economic conditions and
consumer spending; data security; information systems and new
technology; seasonal influences; adverse or unseasonable weather;
serious disruptions and catastrophic events; corporate and banner
reputation; merchandise quality and safety; expanding international
operations; merchandise importing; commodity pricing; fluctuations
in currency exchange rates; fluctuations in quarterly operating
results and market expectations; acquisitions, business investments
and divestitures; compliance with laws, regulations and orders;
changes in laws and regulations; outcomes of litigation, legal
matters and proceedings; tax matters; real estate activities; 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.Sherry Lang or Debra McConnellGlobal
Communications(508) 390-2323
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