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 third quarter
ended November 2, 2013.
Net sales for the third quarter of Fiscal 2014 increased 9% to
$7.0 billion, and consolidated comparable store sales increased 5%
over last year’s reported 7% increase. Net income for the third
quarter was $623 million. Third quarter diluted earnings per share
were $.86, compared with last year’s $.62 per share. Excluding a
previously announced third quarter tax benefit of $.11 per share
due to reversals of state, federal, and foreign tax reserves and
allowances, adjusted diluted earnings per share were $.75, a 21%
increase over the prior year.
For the first nine months of Fiscal 2014, net sales were $19.6
billion, an 8% increase over last year, and consolidated comparable
store sales increased 3% over last year’s reported 8% increase. Net
income was $1.6 billion and diluted earnings per share were $2.14
compared with $1.73 in the same period last year. Excluding the
third quarter tax benefit (referred to above), adjusted diluted
earnings per share were $2.03, a 17% increase over the prior
year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “We are very pleased that our strong momentum
continued in the third quarter. Our 21% increase in adjusted
earnings per share and 5% consolidated comparable store sales
growth were both well above our original plan and achieved over
strong comparisons last year. We believe these robust results
demonstrate, once again, our ability to succeed in all types of
economic and retail environments. We are raising our full-year
guidance to reflect our third quarter performance. The fourth
quarter is off to a good start and we see exciting opportunities
for this holiday selling season: we have great initiatives planned
and will be shipping fresh gift-giving selections to our stores
throughout the holiday season; we expect our marketing campaigns
will be seen by more people than ever before; and as always, we
will be offering consumers extreme values on great fashions and
brands! Longer term, we see tremendous potential ahead for TJX, and
we remain very confident in our ability to continue driving
substantial top- and bottom-line growth.”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the third quarter, were as follows:
Third Quarter Third
Quarter Comparable Store Sales1
Net Sales
($ in millions)2,3 FY2014 FY2013 FY2014
FY2013
In the U.S.:
Marmaxx4,5 +4% +7%
$4,484 $4,161 HomeGoods +10% +6% $740
$638
International:
TJX Canada +2% +4%
$786 $769 TJX Europe +5% +11% $972
$843
TJX +5% +7% $6,982 $6,411
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 include the
impact of foreign currency exchange rates. See below. 3Figures may
not foot due to rounding. 4Combination of T.J. Maxx and Marshalls.
5Net sales for FY2014 include Sierra Trading Post.
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 neutral
impact on consolidated net sales growth in the third quarter of
Fiscal 2014 versus the prior year. The overall net impact of
foreign currency exchange rates had a $.01 negative impact on third
quarter Fiscal 2014 earnings per share, compared with a neutral
impact last year.
For the first nine months of Fiscal 2014, the movement of
foreign currency exchange rates had a one percentage point negative
impact on consolidated net sales growth. The overall net impact of
foreign currency exchange rates had a $.01 negative impact on
earnings per share in the first nine months of Fiscal 2014,
compared with a neutral impact last year.
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.
Margins
For the third quarter of Fiscal 2014, the Company’s consolidated
pretax profit margin was 12.6%, up 0.9 percentage points over the
prior year. Foreign currency had a 0.2 percentage point negative
impact on year-over-year comparisons.
The gross profit margin for the third quarter of Fiscal 2014 was
29.3%, 0.5 percentage points above last year’s margin. The increase
was driven by buying and occupancy leverage on the above-plan sales
and merchandise margin improvement.
Selling, general and administrative costs as a percent of sales
were 16.6% in the third quarter, a 0.4 percentage point improvement
compared to last year’s ratio, primarily due to several items that
negatively impacted last year's ratio, which the Company detailed
last year.
Inventory
Total inventories as of November 2, 2013, were $3.7 billion,
compared with $3.3 billion at the end of the third quarter last
year. Consolidated inventories on a per-store basis at November 2,
2013, including the distribution centers, but excluding inventory
in transit and the Company’s e-commerce businesses, were down 4% on
both a reported and constant currency basis. The Company enters the
fourth quarter in an excellent inventory position to buy into the
abundant opportunities it is seeing in the marketplace and ship
exciting, fresh gift-giving selections to its stores throughout the
holiday selling season.
Share Repurchases
During the third quarter, the Company repurchased a total of
$375 million of TJX stock, retiring 6.8 million shares. For the
first nine months of Fiscal 2014, the Company spent a total of $1.0
billion in repurchases of TJX stock, retiring 19.7 million shares
and it continues to expect to repurchase approximately $1.3 billion
to $1.4 billion of TJX stock in Fiscal 2014. The Company may adjust
the amount of this spending up or down depending on various
factors.
Fourth Quarter and Full Year Fiscal
2014 Outlook
For the fourth quarter of Fiscal 2014, the Company is
maintaining its guidance for diluted earnings per share to be in
the range of $.77 to $.80, compared to $.82 per share last year,
which included an approximately $.08 benefit from the extra week in
the Company’s Fiscal 2013 calendar. This outlook continues to be
based upon estimated consolidated comparable store sales growth of
1% to 2%, which reflects six fewer days in the Christmas selling
season compared with last year.
For the fiscal year ending February 1, 2014, the Company is
raising its outlook to reflect its strong third quarter results.
The Company now expects full year diluted earnings per share to be
in the range of $2.91 to $2.94 versus $2.55 in Fiscal 2013. On an
adjusted basis, excluding the $.11 per share tax benefit in the
third quarter (referred to above), this guidance would be $2.80 to
$2.83. This adjusted EPS guidance would represent a 13% to 15%
increase over the prior year’s adjusted EPS of $2.47, which
excludes the approximately $.08 benefit from the 53rd week in
Fiscal 2013. Further, this outlook is now based upon estimated
consolidated comparable store sales growth of 3%.
The Company’s earnings guidance for the fourth quarter and full
year Fiscal 2014 assumes that currency exchange rates will remain
unchanged from current levels.
Stores by Concept
During the third quarter ended November 2, 2013, the Company
increased its store count by a net of 93 stores. The Company
increased square footage by 5% over the same period last year.
Store Locations Gross
Square Feet* Third Quarter Third Quarter
(in millions)
Beginning
End Beginning End In
the U.S.:
T.J. Maxx 1,052 1,075 30.6 31.1
Marshalls 914 941 28.3 28.9 HomeGoods
430 448 10.8 11.2 Sierra Trading Post
4 4 0.1 0.1
TJX Canada:
Winners 226
227 6.6 6.6 HomeSense 89 91
2.1 2.2 Marshalls 22 27 0.7
0.8
TJX Europe:
T.K. Maxx 355 371 11.2
11.6 HomeSense 27 28 0.6 0.6
TJX 3,119 3,212 90.9 93.1
*Square feet figures may not foot due to rounding.
Long-Term Store Potential Estimates
Increased at Recent Investor Event
At TJX’s Investor Event on October 22, the Company raised its
estimates for its long-term store growth potential to 5,150 stores,
with its current chains, in its current markets. The most
significant factor in this increase is that TJX believes that its
Marmaxx division can ultimately grow to approximately 3,000 stores
in the U.S., which is 400 more stores than the high end of its
prior estimated range of 2,400 – 2,600 stores. 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. Further, the Company believes that
its TJX Canada division can grow to approximately 450 stores
overall, 20 more stores than the high end of its prior estimated
range of 420-430 stores. The Company continues to see the potential
for HomeGoods to grow to about 825 stores in the U.S. In Europe,
the Company remains confident in its potential to expand to up to
875 stores overall with T.K. Maxx in the U.K., Ireland, Germany and
Poland, and HomeSense in the U.K., before contemplating the
opportunity to ultimately expand into other European countries.
With TJX’s consolidated store count expected to reach
approximately 3,215 stores by the end of Fiscal Year 2014, the
Company’s raised store growth estimates represent the potential to
expand its store base by approximately 60% with its existing chains
in its existing countries alone.
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 November
2, 2013, the end of the Company’s third quarter, the Company
operated 1,075 T.J. Maxx, 941 Marshalls, 448 HomeGoods and 4 Sierra
Trading Post stores, as well as www.tjmaxx.com and
SierraTradingPost.com in the United States; 227 Winners, 91
HomeSense, and 27 Marshalls stores in Canada; and 371 T.K. Maxx and
28 HomeSense stores, as well as www.tkmaxx.com in Europe. TJX’s
press releases and financial information are also available at
www.tjx.com.
Fiscal 2014 Third 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 third quarter Fiscal 2014 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, November 26, 2013, or at
www.tjx.com.
Recent Investor Event Webcast
Information
An archived webcast of the Company’s Investor Event from October
22, 2013, is available on both the homepage and Investor
Information section of www.tjx.com. The webcast includes management
presentations, which covered business operations, updates and
future growth opportunities, as well as a question-and-answer
session.
Non-GAAP Financial
Information
The Company has used non-GAAP financial measures in this press
release. Adjusted financial measures refer to financial information
adjusted to exclude from financial measures prepared in accordance
with accounting principles generally accepted in the United States
(GAAP) items identified in this press release. 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 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: 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. and Consolidated
Subsidiaries
Financial Summary
(Unaudited)
(In Thousands Except Per Share
Amounts)
13 Weeks Ended 39 Weeks Ended
November 2,2013
October 27,2012
November 2,2013
October 27,2012
Net sales
$
6,981,876 $ 6,410,913
$ 19,613,909 $
18,154,558 Cost of sales, including buying and
occupancy costs 4,934,465 4,566,073 13,954,737 13,006,874 Selling,
general and administrative expenses 1,158,668 1,090,282 3,251,897
3,010,922 Interest expense, net
9,371
6,089 23,572
24,098 Income before provision for income taxes
879,372 748,469 2,383,703 2,112,664 Provision for income taxes
256,717 286,918
828,599 810,821 Net income
$ 622,655 $
461,551 $ 1,555,104
$ 1,301,843 Diluted earnings per
share $ 0.86 $ 0.62 $ 2.14 $ 1.73 Cash dividends declared
per share $ 0.145 $ 0.115 $ 0.435 $ 0.345 Weighted average
common shares – diluted 724,108 745,741 728,283 751,034
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
November 2,2013
October 27,2012
ASSETS Current assets: Cash and cash equivalents $ 2,010.8 $
1,641.9 Short-term investments 251.3 201.0 Accounts receivable and
other current assets 595.9 470.0 Current deferred income taxes, net
102.4 84.6 Merchandise inventories
3,663.2
3,297.1 Total current assets
6,623.6 5,694.6 Property
and capital leases, net of depreciation 3,540.5 3,055.7 Other
assets 191.6 241.8 Goodwill and tradename, net of amortization
313.5 180.0 TOTAL
ASSETS
$ 10,669.2 $
9,172.1 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 2,346.4 $ 2,059.2 Accrued
expenses and other current liabilities
1,697.4
1,539.8 Total current liabilities
4,043.8 3,599.0 Other
long-term liabilities 831.1 920.9 Non-current deferred income
taxes, net 396.3 411.3 Long-term debt 1,274.2 774.5
Shareholders’ equity
4,123.8
3,466.4 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$ 10,669.2 $
9,172.1
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
39 Weeks Ended
November 2,2013
October 27,2012
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,555.1 $
1,301.8 Depreciation and amortization 411.9 372.4 Deferred income
tax provision 47.1 62.1 Share-based compensation 56.6 49.6
(Increase) decrease in accounts receivable and other assets (46.8 )
14.0 (Increase) in merchandise inventories (654.8 ) (337.0 )
Increase in accounts payable 417.7 407.0 (Decrease) increase in
accrued expenses and other liabilities (6.4 ) 253.9 Other
(147.0 )
(43.8 ) Net cash
provided by operating activities
1,633.4
2,080.0 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (759.3 ) (775.6 ) Purchases of
short-term investments (307.1 ) (262.5 ) Sales and maturities of
short-term investments 278.9 155.5 Other
2.7
34.4 Net cash (used in) investing
activities
(784.8 )
(848.2
) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from
issuance of long-term debt 499.6 - Payments for repurchase of
common stock (998.1 ) (1,004.4 ) Proceeds from issuance of common
stock 117.7 100.9 Cash dividends paid (291.0 ) (240.3 ) Other
53.5 41.1 Net
cash (used in) financing activities
(618.3
) (1,102.7 ) Effect of
exchange rate changes on cash
(31.5
) 5.7 Net increase
in cash and cash equivalents 198.8 134.8 Cash and cash equivalents
at beginning of year
1,812.0
1,507.1 Cash and cash equivalents at end
of period
$ 2,010.8 $
1,641.9
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
13 Weeks Ended 39 Weeks Ended
November 2,2013
October 27,2012
November 2,2013
October 27,2012
Net sales: In the United States: Marmaxx $ 4,484,174
$ 4,161,409 $ 12,915,269 $ 12,026,518 HomeGoods 739,537 637,514
2,119,190 1,830,950 TJX Canada 785,883 768,967 2,110,743 2,069,879
TJX Europe
972,282 843,023
2,468,707 2,227,211 Total
net sales
$ 6,981,876 $
6,410,913 $ 19,613,909
$ 18,154,558 Segment profit: In
the United States: Marmaxx $ 658,369 $ 576,505 $ 1,940,647 $
1,762,512 HomeGoods 96,937 76,790 267,170 206,754 TJX Canada
128,692 127,212 293,774 290,938 TJX Europe
101,043 76,840
157,936 113,293 Total segment
profit 985,041 857,347 2,659,527 2,373,497 General corporate
expenses 96,298 102,789 252,252 236,735 Interest expense, net
9,371 6,089
23,572 24,098 Income before
provision for income taxes
$ 879,372
$ 748,469 $
2,383,703 $ 2,112,664
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
- During the third quarter ended November
2, 2013, TJX repurchased 6.8 million shares of its common stock at
a cost of $375 million. During the nine months ended November 2,
2013, TJX repurchased 19.7 million shares of its common stock at a
cost of $1.0 billion. On February 5, 2013 the Board of Directors
approved an additional $1.5 billion 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.
- On December 21, 2012 TJX purchased
Sierra Trading Post (STP), an off-price internet retailer for
approximately $200 million, subject to customary post-closing
adjustments. The operating results of STP since the date of
acquisition are not material and have been included with the
Company’s Marmaxx segment.
- On May 2, 2013 TJX issued $500 million
of 2.50% ten year notes. The Company intends to use the proceeds
from the notes offering for working capital and other general
corporate purposes.
The TJX Companies, Inc.Debra McConnellGlobal Communications(508)
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