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 fiscal year and
fourth quarter ended February 1, 2014.
Net sales for the 52-week fiscal year were $27.4 billion, a 6%
increase over the 53-week fiscal period last year. Consolidated
comparable store sales increased 3% on a 52-week comparable basis.
Net income for the 52-week fiscal year was $2.1 billion, and
diluted earnings per share were $2.94, a 15% increase over $2.55
last year. Excluding a third quarter tax benefit of $.11 per share,
adjusted diluted earnings per share were $2.83, a 15% increase over
the prior year’s adjusted earnings per share of $2.47, which
excludes the approximately $.08 benefit from the 53rd week in
Fiscal 2013.
For the 13-week fourth quarter ended February 1, 2014, net sales
were $7.8 billion, a 1% increase over the 14-week prior-year
period. Consolidated comparable store sales increased 3% over the
prior year on a 13-week comparable basis. Net income was $582
million and diluted earnings per share were $.81 compared with last
year’s $.82 per share. Diluted earnings per share increased 9% over
last year’s adjusted $.74, which excludes the approximately $.08
benefit from the extra week in the fourth quarter of Fiscal
2013.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “The year 2013 was another successful year for TJX,
on top of many great years. We achieved EPS growth of 15% over last
year’s adjusted 24% increase, and consolidated comp sales increased
3% over last year’s 7% increase. In the U.S., Marmaxx and HomeGoods
continued their excellent, consistent performance. We also
successfully launched tjmaxx.com, which, along with the smooth
transition of Sierra Trading Post into TJX, gives more consumers
the ability and convenience to shop our great values 24 hours a
day, seven days a week. TJX Canada was in line with our plan for
the year and continued to expand Marshalls across that country. TJX
Europe delivered another outstanding year, and we could not be more
excited about our international growth opportunities! We delivered
these results in a competitive retail environment and despite
generally unfavorable weather in many of our regions during the
first and fourth quarters. We believe this speaks to the resiliency
and flexibility of our off-price model, as we exceeded our
long-term plan of 10% to 13% compound annual EPS growth for the
fifth consecutive year.”
Meyrowitz continued, “We begin a new fiscal year in an excellent
position to pursue our near- and long-term opportunities. Our
inventories are extremely lean, which affords us enormous
flexibility to buy into the plentiful opportunities we see in the
marketplace for branded merchandise. We have many exciting
initiatives planned this year, and above all, will continue to
offer consumers amazing values on great fashions and brands! As we
approach $30 billion in annual sales, we continue to see tremendous
global growth potential for TJX. Our management team is laser
focused on executing on our top- and bottom-line growth
opportunities and passionate about surpassing our goals. I am as
confident as ever in our ability to keep driving profitable sales,
while investing in our future growth, as we continue on the road to
becoming a $40 billion company and beyond!”
Increase in Shareholder
Distributions
The Company also announced today its plan to repurchase
approximately $1.6 to $1.7 billion of TJX stock during the fiscal
year ending January 31, 2015. With $970 million remaining at Fiscal
2014 year end under the Company’s existing stock repurchase
program, the Company’s Board of Directors approved a new stock
repurchase program that authorizes the repurchase of up to an
additional $2.0 billion of TJX common stock from time to time. The
new authorization represents approximately 5% of the Company’s
outstanding shares at current prices. The new stock repurchase
program marks the 15th program approved by the Board since 1997.
Over this period, the Company has spent approximately $12.8 billion
on the repurchase of TJX stock. In Fiscal 2014, the Company spent a
total of $1.5 billion to repurchase TJX stock, retiring 27.0
million shares. During the fourth quarter, the Company spent a
total of $455 million to repurchase TJX stock, retiring 7.3 million
shares. Under the Company’s repurchase plans, share repurchases may
be made from time to time in market or private transactions and may
include derivative transactions. The repurchase program announced
today has no time limit and may be suspended or discontinued at any
time.
The Company also intends to increase the regular quarterly
dividend on its common stock to be declared in April 2014 and
payable in June 2014 to $.175 per share, subject to the approval of
the Company’s Board of Directors. This increase would represent a
21% increase in the current per share dividend and mark the 18th
consecutive year that the Company has raised the dividend. Over
this period of time, the Company’s dividend has grown at a compound
annual rate of 23%.
Carol Meyrowitz commented, “Our business continues to generate
tremendous amounts of cash and deliver excellent financial returns.
In Fiscal 2015, we plan to continue to invest in the growth of our
business while returning cash to our shareholders. Our capital
spending plans include investing in new stores, our supply chain
and infrastructure, and store remodels. Simultaneously, we plan to
continue our large share buyback program, with $1.6 to $1.7 billion
of repurchases planned for Fiscal 2015, and to significantly
increase our regular quarterly dividend. All of this underscores
our confidence in our ability to continue to deliver significant
increases in sales, earnings, and cash flow, and generate superior
financial returns.”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division
for the full year were as follows:
Full
Year Full Year Comparable Store Sales1
Net Sales ($ in millions)2,3
FY2014(52 weeks)
FY2013(52 weeks)
FY2014(52 weeks)
FY2013(53 weeks)
In the U.S.:
Marmaxx4,5 +3% +6% $17,930
$17,011 HomeGoods +7% +7% $2,994
$2,657
International:
TJX Canada 0% +5% $2,878
$2,926 TJX Europe +6% +10% $3,622
$3,284
TJX +3% +7% $27,423
$25,878
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in
currency exchange rates. For FY2013, comparable store sales are for
the 52-week period ended January 26, 2013 versus the same period in
FY2012. 2Sales in Canada and Europe include the impact of foreign
currency exchange rates. See below. 3Figures may not foot due to
rounding. 4Combination of T.J. Maxx and Marshalls. 5Net sales
include Sierra Trading Post.
The Company’s comparable store sales and net sales by division,
in the fourth quarter, were as follows:
Fourth
Quarter Fourth Quarter Comparable Store
Sales1
Net Sales ($ in millions)2,3
FY2014(13 weeks)
FY2013(13 weeks)
FY2014(13 weeks)
FY2013(14 weeks)
In the U.S.:
Marmaxx4,5 +3% +4% $5,014
$4,985 HomeGoods +4% +5% $875 $826
International:
TJX Canada -2% +3% $767
$856 TJX Europe +9% +7% $1,153 $1,057
TJX +3% +4% $7,809 $7,724
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in
currency exchange rates. For the Fiscal 2013 fourth quarter,
comparable store sales are for the 13-week period ended January 26,
2013 versus the same period in Fiscal 2012. 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 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 for the full Fiscal 2014
year versus the prior year. The overall net impact of foreign
currency exchange rates had a $.01 negative impact on full year
Fiscal 2014 earnings per share, compared with a neutral impact last
year.
The movement in foreign currency exchange rates had a neutral
impact on consolidated net sales growth in the fourth quarter of
Fiscal 2014 versus the prior year’s fourth quarter. The overall net
impact of foreign currency exchange rates had a $.01 positive
impact on fourth quarter Fiscal 2014 earnings per share, 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, tjx.com.
Margins
For the full year Fiscal 2014, the Company’s consolidated pretax
profit margin was 12.1%, a 0.2 percentage point increase over the
prior year’s 11.9% margin, which included an approximately 0.2
percentage point benefit from the 53rd week in Fiscal 2013. On a
52-week adjusted basis, pretax profit margins increased 0.4
percentage points.
The gross profit margin for Fiscal 2014 was 28.5%, up 0.1
percentage points over the prior year. Selling, general and
administrative costs as a percent of sales were 16.3%, a 0.1
percentage point improvement over the prior year’s ratio. Again,
last year’s results included the benefit of the 53rd week in Fiscal
2013.
For the fourth quarter of Fiscal 2014, the Company’s
consolidated pretax profit margin was 12.0%, a 0.5 percentage point
decrease compared with the prior year’s 12.5% margin, which
included an approximately 0.6 percentage point benefit from the
extra week in the fourth quarter of Fiscal 2013. On a 13-week
adjusted basis, pretax profit margins increased 0.1 percentage
points.
The gross profit margin for the fourth quarter of Fiscal 2014
was 27.6%, down 1.0 percentage points versus the prior year. This
decline primarily reflects the benefit from the extra week last
year. Gross margins were also impacted by a decrease in merchandise
margins as the Company aggressively priced merchandise in a highly
promotional holiday selling environment and took markdowns in
January to end the year with very clean inventories. Selling,
general and administrative costs as a percent of sales were 15.6%,
a 0.4 percentage point improvement over the prior year’s ratio, due
to year-over-year favorability from certain one-time expenses
detailed in the fourth quarter last year.
Inventory
Total inventories as of February 1, 2014, were $3.0 billion,
compared with $3.0 billion at the end of the prior fiscal year.
Consolidated inventories on a per-store basis at February 1, 2014,
including the distribution centers, but excluding inventory in
transit and the Company’s e-commerce businesses, were down 8% on a
reported basis (down 7% on a constant currency basis). The Company
enters the new fiscal year with extremely lean inventories and
great liquidity, ready to buy into the abundant opportunities in
the marketplace and continue shipping fresh spring merchandise to
its stores.
Full Year and First Quarter Fiscal 2015
Outlook
For the fiscal year ending January 31, 2015, the Company expects
diluted earnings per share to be in the range of $3.05 to $3.19
versus $2.94 in Fiscal 2014. Excluding the $.11 tax benefit in
Fiscal 2014 referred to above, this guidance would represent an 8%
to 13% increase over the adjusted $2.83 in Fiscal 2014. This
outlook is based upon estimated consolidated comparable store sales
growth of 1% to 2%.
For the first quarter of Fiscal 2015, the Company expects
diluted earnings per share to be in the range of $.65 to $.66,
which would represent a 5% to 6% increase over last year’s $.62 per
share. This guidance assumes an estimated $.01 per share negative
impact from foreign currency exchange rates. This outlook is based
upon estimated consolidated comparable store sales growth of 1% to
2%.
The Company’s earnings guidance for the first quarter and full
year Fiscal 2015 assumes that currency exchange rates will remain
unchanged from current levels.
Stores by Concept
During the fiscal year ended February 1, 2014, the Company
increased its store count by a net of 169 stores to end the year
with 3,219 stores. The Company increased square footage by 5% over
the same period last year.
Store
Locations Gross Square Feet* FY2014
FY2014 (in millions)
Beginning End Beginning
End In the U.S.:
T.J. Maxx 1,036 1,079
30.2 31.2 Marshalls 904 942 28.0
28.9 HomeGoods 415 450 10.4 11.3
Sierra Trading Post 4 4 0.1 0.1
TJX
Canada:
Winners 222 227 6.5 6.6 HomeSense
88 91 2.1 2.2 Marshalls 14
27 0.5 0.8
TJX Europe:
T.K. Maxx 343
371 10.8 11.6 HomeSense 24 28
0.5 0.6
TJX 3,050 3,219
89.1 93.3
*Square feet figures may not foot due to rounding.
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 February
1, 2014, the end of the Company’s fiscal year, the Company operated
a total of 3,219 stores in six countries, the United States,
Canada, United Kingdom, Ireland, Germany, and Poland, and three
e-commerce sites. These include 1,079 T.J. Maxx, 942 Marshalls, 450
HomeGoods and 4 Sierra Trading Post stores, as well as 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 tkmaxx.com, in Europe. TJX’s press
releases and financial information are also available at
tjx.com.
Fiscal Year and Fourth Quarter 2014
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 full year and fourth quarter Fiscal 2014 results,
operations and business trends and plans for Fiscal 2015. A
real-time webcast of the call will be available to the public at
tjx.com. A replay of the call will also be available by dialing
(866) 367-5577 through Wednesday, March 5, 2014, or at tjx.com.
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. Fiscal
2013 EPS increased 24% on an adjusted 52-week basis over the prior
year’s adjusted $1.99, which excludes a $.06 impact from costs
associated with the A.J. Wright consolidation from EPS of
$1.93.
Important Information at
Website
Archived versions of the Company’s conference calls are
available in the Investor Information section of 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 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 WeeksEnded
14 WeeksEnded
52 WeeksEnded
53 WeeksEnded
February 1,
2014
February 2,
2013
February 1,
2014
February 2,
2013
Net sales
$
7,808,787 $ 7,723,814
$ 27,422,696 $
25,878,372 Cost of sales, including buying and
occupancy costs 5,650,300 5,514,526 19,605,037 18,521,400 Selling,
general and administrative expenses 1,215,192 1,239,524 4,467,089
4,250,446 Interest expense, net
7,509
5,077 31,081
29,175 Income before provision for income taxes
935,786 964,687 3,319,489 3,077,351 Provision for income taxes
353,494 359,843
1,182,093 1,170,664 Net
income
$ 582,292 $
604,844 $ 2,137,396
$ 1,906,687 Diluted earnings per
share $ 0.81 $ 0.82 $ 2.94 $ 2.55 Cash dividends declared
per share $ 0.145 $ 0.115 $ 0.58 $ 0.46 Weighted average
common shares – diluted 719,492 737,912 726,376 747,555
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
February 1,2014
February 2,2013
ASSETS Current assets: Cash and cash equivalents $ 2,149.7 $
1,812.0 Short-term investments 294.7 235.8 Accounts receivable and
other current assets 555.5 553.3 Current deferred income taxes, net
101.6 96.2 Merchandise inventories
2,966.5
3,014.2 Total current assets
6,068.0 5,711.5 Property
and capital leases, net of depreciation 3,594.5 3,223.3 Other
assets 225.8 260.8 Goodwill and tradename, net of amortization
312.7 316.3 TOTAL
ASSETS
$ 10,201.0 $
9,511.9 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 1,771.3 $ 1,930.6 Accrued
expenses and other current liabilities
1,746.5
1,830.0 Total current liabilities
3,517.8 3,760.6 Other
long-term liabilities 733.0 961.3 Non-current deferred income
taxes, net 446.1 349.5 Long-term debt 1,274.2 774.6
Shareholders’ equity
4,229.9
3,665.9 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$ 10,201.0 $
9,511.9
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
52 WeeksEnded
53 WeeksEnded
February 1,2014
February 2,2013
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,137.4 $
1,906.7 Depreciation and amortization 548.8 508.9 Deferred income
tax provision 52.2 13.3 Share-based compensation 76.1 64.4 Decrease
(increase) in accounts receivable and other assets 8.6 (72.1 )
Decrease in merchandise inventories 35.2 27.2 (Decrease) increase
in accounts payable (152.3 ) 211.7 (Decrease) increase in accrued
expenses and other liabilities (18.6 ) 444.9 Other
(97.1 )
(59.4 ) Net cash
provided by operating activities
2,590.3
3,045.6 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (946.7 ) (978.2 ) Purchases of
short-term investments (478.1 ) (355.7 ) Sales and maturities of
short-term investments 386.5 213.0 Acquisition of Sierra Trading
Post, less cash acquired - (190.4 ) Other
2.7
34.5 Net cash (used in) investing
activities
(1,035.6 )
(1,276.8 ) CASH FLOWS FROM FINANCING
ACTIVITIES: Proceeds from issuance of long-term debt 499.6 -
Payments for repurchase of common stock (1,471.1 ) (1,345.1 )
Proceeds from issuance of common stock 146.5 133.8 Cash dividends
paid (393.8 ) (323.9 ) Other
75.0
59.6 Net cash (used in) financing activities
(1,143.8 )
(1,475.6 ) Effect of exchange rate changes on
cash
(73.2 )
11.7 Net increase in cash and cash
equivalents 337.7 304.9 Cash and cash equivalents at beginning of
year
1,812.0 1,507.1
Cash and cash equivalents at end of year
$ 2,149.7 $
1,812.0
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
13 WeeksEnded
14 WeeksEnded
52 WeeksEnded
53 WeeksEnded
February 1,2014
February 2,2013
February 1,2014
February 2,2013
Net sales: In the United States: Marmaxx $ 5,014,307
$ 4,984,891 $ 17,929,576 $ 17,011,409 HomeGoods 874,528 826,161
2,993,718 2,657,111 TJX Canada 767,091 856,112 2,877,834 2,925,991
TJX Europe
1,152,861
1,056,650 3,621,568
3,283,861 Total net sales
$
7,808,787 $ 7,723,814
$ 27,422,696 $
25,878,372 Segment profit: In the United
States: Marmaxx $ 672,046 $ 723,762 $ 2,612,693 $ 2,486,274
HomeGoods 119,371 117,869 386,541 324,623 TJX Canada 111,589
123,976 405,363 414,914 TJX Europe
117,517
102,420 275,453
215,713 Total segment profit 1,020,523 1,068,027
3,680,050 3,441,524 General corporate expenses 77,228 98,263
329,480 334,998 Interest expense, net
7,509
5,077 31,081
29,175 Income before provision for income taxes
$ 935,786 $
964,687 $ 3,319,489
$ 3,077,351
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
- During the fourth quarter ended
February 1, 2014, TJX repurchased 7.3 million shares of its common
stock at a cost of $455 million. During the year ended February 1,
2014, TJX repurchased 27.0 million shares of its common stock at a
cost of $1.5 billion. As of the fiscal year ended February 1, 2014,
there was $970 million remaining under the current $1.5 billion
stock repurchase program approved in February 2013 and on January
31, 2014 the Company’s Board of Directors approved an additional $2
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. The
purchase price, after adjusting for customary post closing
adjustments, amounted to $193 million. 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 TJX Companies, Inc.Debra McConnellGlobal Communications(508)
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