UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
______________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): August 19, 2014
______________
THE TJX COMPANIES, INC.
(Exact
Name of Registrant as Specified in Its Charter)
DELAWARE
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1-4908
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04-2207613
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.)
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______________
770 Cochituate Road, Framingham, MA 01701
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(Address
of Principal Executive Offices) (Zip
Code)
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Registrant’s
telephone number, including area code: (508)
390-1000
N/A
(Former
name or former address,
if
changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 2.02.
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Results of Operations and Financial Condition
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On August 19, 2014, The TJX Companies, Inc. issued a press
release that included financial results for the fiscal quarter ended
August 2, 2014. A copy of the press release is furnished as Exhibit
99.1 hereto.
The information contained in this report, and the exhibit
attached hereto, is being furnished and shall not be deemed to be
“filed” for purposes of Section 18 of, or otherwise regarded as filed
under, the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), nor shall it be deemed incorporated by reference into any filing
under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such
filing.
ITEM 9.01.
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Financial Statements and Exhibits
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(d) Exhibits
Exhibit 99.1
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Press Release of The TJX Companies, Inc. dated August 19, 2014.
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SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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THE TJX COMPANIES, INC.
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/s/ Scott Goldenberg
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Scott Goldenberg
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Chief Financial Officer
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Dated:
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August 19, 2014
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EXHIBIT INDEX
Exhibit Number
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Description
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99.1
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Press Release of The TJX Companies, Inc. dated August 19, 2014.
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4
Exhibit 99.1
The
TJX Companies, Inc. Reports Above-Plan Adjusted Earnings Per Share in Q2
FY15; Raises Full-Year Adjusted EPS Guidance
FRAMINGHAM, Mass.--(BUSINESS WIRE)--August 19, 2014--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 August 2, 2014. Net sales for the
second quarter of Fiscal 2015 increased 7% to $6.9 billion, and
consolidated comparable store sales increased 3% over last year’s
reported 4% increase. Net income for the second quarter was $518 million
and diluted earnings per share were $.73. Excluding a debt
extinguishment charge of $.02 per share, adjusted diluted earnings per
share were $.75, a 14% increase over the prior year.
For the first half of Fiscal 2015, net sales were $13.4 billion, a 6%
increase over last year. Consolidated comparable store sales for the
first half of Fiscal 2015 increased 2% over last year’s reported 3%
increase. Net income for the first half of Fiscal 2015 was $972 million
and diluted earnings per share were $1.37. Excluding the second quarter
debt extinguishment charge, which rounded to a $.01 per share impact for
the first half of Fiscal 2015, adjusted diluted earnings per share were
$1.38, an 8% increase over last year’s $1.28.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc.,
stated, “I am very pleased with our second quarter performance.
Consolidated comp store sales were up 3% over 4% growth last year, at
the high end of our plan, and adjusted earnings per share of $.75 were
up 14% over last year’s 18% increase, exceeding our expectations. Our
customer traffic gained momentum throughout the quarter, and was
positive in July. Further, we are pleased with our solid merchandise
margins as well as the improved performance of our apparel businesses.
We are now raising our full year adjusted earnings per share guidance to
reflect our above-plan second quarter results. The third quarter is off
to a solid start and we are excited about our opportunities for the
second half of the year. We entered the third quarter in an excellent
inventory position and see plentiful opportunities for great brands in
the marketplace. We are raising the bar on our marketing campaigns and
gift-giving initiatives, which I believe are going to be even better
than last year, and above all, we will be bringing consumers amazing
values! We are very confident in our ability to deliver another strong
year, on top of many, as we continue on the path to being a $40
billion-plus company.”
Sales by Business Segment
The Company’s comparable store sales and net sales by division, in the
second quarter, were as follows:
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Second Quarter
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Second Quarter
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Comparable Store Sales1
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Net Sales ($ in millions)2,3
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FY2015
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FY2014
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FY2015
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FY2014
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In the U.S.:
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Marmaxx4,5
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+2%
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+4%
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$4,494
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$4,295
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HomeGoods
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+5%
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+8%
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$773
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$690
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International:
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TJX Canada
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+3%
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+2%
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$696
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$679
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TJX Europe
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+6%
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+6%
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$954
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$778
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TJX
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+3%
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+4%
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$6,917
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$6,442
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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 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 second quarter of Fiscal 2015
versus the prior year. The overall net impact of foreign currency
exchange rates had a neutral impact on second quarter Fiscal 2015
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 second quarter of Fiscal 2015, the Company’s consolidated pretax
profit margin was 12.0%. On an adjusted basis, excluding the
approximately 0.3 percentage point debt extinguishment charge (referred
to above), consolidated pretax profit margin was 12.3%, a 0.3 percentage
point increase over the prior year.
The gross profit margin for the second quarter of Fiscal 2015 was 28.6%,
down 0.2 percentage points versus a very strong increase in the prior
year. The decrease was primarily due to the negative impact of
mark-to-market adjustments on our hedging instruments as well as the
impact of e-commerce on merchandise margins. Merchandise margins were
flat for the second quarter.
Selling, general and administrative costs as a percent of sales were
16.2%, down 0.5 percentage points from the prior year largely due to a
favorable adjustment to our insurance reserves based on improved claims
experience, as well as other cost savings.
Inventory
Total inventories as of August 2, 2014 were $3.4 billion, compared with
$3.2 billion at the end of the second quarter last year. Consolidated
inventories on a per-store basis as of August 2, 2014, including the
distribution centers, but excluding inventory in transit and the
Company’s e-commerce businesses, were up 1% on a reported basis (flat on
a constant currency basis). The Company enters the third quarter in an
excellent inventory position to take advantage of the plentiful buying
opportunities it is seeing in the marketplace.
Shareholder Distributions
During the second quarter, the Company repurchased a total of $440
million of TJX stock, retiring 8.0 million shares. For the first half of
Fiscal 2015, the Company spent a total of $800 million in repurchases of
TJX stock, retiring 14.0 million shares, and it continues to expect to
repurchase approximately $1.6 to $1.7 billion of TJX stock in Fiscal
2015. The Company may adjust the amount of this spending up or down
depending on various factors.
Third Quarter and Full Year Fiscal 2015 Outlook
For the third quarter of Fiscal 2015, the Company expects diluted
earnings per share to be in the range of $.81 to $.85 compared to $.86
per share last year. Excluding the $.11 per share tax benefit in the
third quarter of Fiscal 2014, this would represent an 8% to 13% increase
over last year’s adjusted $.75 per share. This outlook is based upon
estimated consolidated comparable store sales growth of 1% to 2%.
The Company is raising its guidance for adjusted diluted earnings per
share for Fiscal 2015. On a reported basis, for the fiscal year ending
January 31, 2015, the Company expects diluted earnings per share to be
in the range of $3.08 to $3.16 versus $2.94 in Fiscal 2014. On an
adjusted basis, excluding the second quarter debt extinguishment charge
(referred to above) of an estimated $.02 per share, this guidance would
be $3.10 to $3.18. This adjusted EPS guidance would represent a 10% to
12% increase over the prior year’s adjusted EPS of $2.83, which excludes
the $.11 per share tax benefit. Further, this outlook is based upon
estimated consolidated comparable store sales growth of 1% to 2%.
The Company’s earnings guidance for the third quarter and full year
Fiscal 2015 assumes that currency exchange rates will remain unchanged
from the levels at the end of the quarter.
Stores by Concept
During the second quarter ended August 2, 2014, the Company increased
its store count by a net of 23 stores. The Company increased square
footage by 4% over the same period last year.
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Store Locations
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Gross Square Feet*
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Second Quarter
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Second Quarter
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(in millions)
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Beginning
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End
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Beginning
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End
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In the U.S.:
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T.J. Maxx
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1,085
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1,090
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31.3
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31.4
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Marshalls
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947
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956
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29.0
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29.3
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HomeGoods
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458
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464
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11.4
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11.6
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Sierra Trading Post
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4
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4
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0.1
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0.1
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TJX Canada:
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Winners
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230
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230
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6.7
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6.7
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HomeSense
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92
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92
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2.2
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2.2
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Marshalls
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32
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33
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1.0
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1.0
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TJX Europe:
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T.K. Maxx
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380
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382
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11.9
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12.0
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HomeSense
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28
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28
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0.6
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0.6
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TJX
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3,256
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3,279
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94.3
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94.8
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*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 August 2, 2014, the end
of the Company’s second quarter, the Company operated a total of 3,279
stores in six countries, the United States, Canada, the United Kingdom,
Ireland, Germany, and Poland, and three e-commerce sites. These include
1,090 T.J. Maxx, 956 Marshalls, 464 HomeGoods and 4 Sierra Trading Post
stores, as well as tjmaxx.com and sierratradingpost.com, in the United
States; 230 Winners, 92 HomeSense, and 33 Marshalls stores in Canada;
and 382 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 2015 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 2015 results, operations and business trends. 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 Tuesday, August 26, 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.
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 are 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 and business expansion and management
of large size and scale; customer trends and preferences; 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 retail 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; mergers, acquisitions, or business investments and
divestitures, closings or business consolidations; 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.
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The TJX Companies, Inc. and Consolidated Subsidiaries
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Financial Summary
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(Unaudited)
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(In Thousands Except Per Share Amounts)
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13 Weeks Ended
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26 Weeks Ended
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August 2, 2014
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August 3, 2013
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August 2, 2014
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August 3, 2013
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Net sales
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$
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6,917,212
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$
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6,442,424
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$
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13,408,388
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$
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12,632,033
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Cost of sales, including buying and occupancy costs
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4,935,856
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4,586,739
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9,613,856
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9,020,272
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Selling, general and administrative expenses
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1,122,758
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1,074,320
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2,195,808
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2,093,229
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Loss on early extinguishment of debt
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16,830
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-
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16,830
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-
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Interest expense, net
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11,150
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8,919
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20,745
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14,201
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Income before provision for income taxes
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830,618
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772,446
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1,561,149
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1,504,331
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Provision for income taxes
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312,994
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292,887
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589,208
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571,882
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Net income
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$
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517,624
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$
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479,559
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$
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971,941
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$
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932,449
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Diluted earnings per share
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$
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0.73
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$
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0.66
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$
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1.37
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$
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1.28
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Cash dividends declared per share
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$
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0.175
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$
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0.145
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$
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0.35
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$
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0.29
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Weighted average common shares – diluted
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705,200
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728,599
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709,220
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730,750
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The TJX Companies, Inc. and Consolidated Subsidiaries
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Condensed Balance Sheets
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(Unaudited)
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(In Millions)
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August 2, 2014
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August 3, 2013
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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2,183.3
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$
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1,858.8
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Short-term investments
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285.0
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231.2
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Accounts receivable and other current assets
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623.3
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580.2
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Current deferred income taxes, net
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114.0
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91.5
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Merchandise inventories
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3,388.2
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3,188.5
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Total current assets
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6,593.8
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5,950.2
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Property, net of depreciation
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3,776.0
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3,377.8
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Other assets
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240.8
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283.9
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Goodwill and tradename, net of amortization
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311.4
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314.1
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TOTAL ASSETS
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$
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10,922.0
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$
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9,926.0
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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2,148.4
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$
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1,940.3
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Accrued expenses and other current liabilities
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1,676.5
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1,502.6
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Total current liabilities
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3,824.9
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3,442.9
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Other long-term liabilities
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727.9
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983.5
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Non-current deferred income taxes, net
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470.7
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375.3
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Long-term debt
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1,623.8
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1,274.2
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Shareholders’ equity
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4,274.7
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3,850.1
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$
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10,922.0
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$
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9,926.0
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The TJX Companies, Inc. and Consolidated Subsidiaries
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Condensed Statements of Cash Flows
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(Unaudited)
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(In Millions)
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26 Weeks Ended
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August 2, 2014
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August 3, 2013
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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971.9
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$
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932.4
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Depreciation and amortization
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291.7
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266.0
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Loss on early extinguishment of debt
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16.8
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|
|
-
|
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Deferred income tax provision
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|
|
9.6
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|
|
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42.8
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Share-based compensation
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|
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42.0
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|
|
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35.7
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(Increase) in accounts receivable and other assets
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|
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(74.4
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)
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|
|
(34.2
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)
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(Increase) in merchandise inventories
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|
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(406.9
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)
|
|
|
(198.4
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)
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Increase in accounts payable
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367.2
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|
|
|
24.3
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(Decrease) in accrued expenses and other liabilities
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|
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(122.5
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)
|
|
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(226.6
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)
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Other
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(19.4
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)
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(30.7
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)
|
|
|
|
|
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Net cash provided by operating activities
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|
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1,076.0
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|
|
|
811.3
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|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Property additions
|
|
|
(425.1
|
)
|
|
|
(497.0
|
)
|
Purchases of short-term investments
|
|
|
(178.9
|
)
|
|
|
(196.2
|
)
|
Sales and maturities of short-term investments
|
|
|
193.0
|
|
|
|
189.4
|
|
Other
|
|
|
-
|
|
|
|
2.7
|
|
Net cash (used in) investing activities
|
|
|
(411.0
|
)
|
|
|
(501.1
|
)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from issuance of long-term debt
|
|
|
749.5
|
|
|
|
499.6
|
|
Payments on early extinguishment of debt
|
|
|
(416.4
|
)
|
|
|
-
|
|
Payments for repurchase of common stock
|
|
|
(799.8
|
)
|
|
|
(627.6
|
)
|
Proceeds from issuance of common stock
|
|
|
30.5
|
|
|
|
64.3
|
|
Cash dividends paid
|
|
|
(224.3
|
)
|
|
|
(187.3
|
)
|
Other
|
|
|
7.0
|
|
|
|
28.9
|
|
Net cash (used in) financing activities
|
|
|
(653.5
|
)
|
|
|
(222.1
|
)
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
22.1
|
|
|
|
(41.3
|
)
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
33.6
|
|
|
|
46.8
|
|
Cash and cash equivalents at beginning of year
|
|
|
2,149.7
|
|
|
|
1,812.0
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
2,183.3
|
|
|
$
|
1,858.8
|
|
|
|
|
|
|
|
|
|
|
|
The TJX Companies, Inc. and Consolidated Subsidiaries
|
Selected Information by Major Business Segment
|
(Unaudited)
|
(In Thousands)
|
|
|
|
13 Weeks Ended
|
|
26 Weeks Ended
|
|
|
August 2, 2014
|
|
August 3, 2013
|
|
August 2, 2014
|
|
August 3, 2013
|
Net sales:
|
|
|
|
|
|
|
|
|
In the United States:
|
|
|
|
|
|
|
|
|
Marmaxx
|
|
$
|
4,493,878
|
|
$
|
4,295,346
|
|
$
|
8,728,633
|
|
$
|
8,431,095
|
HomeGoods
|
|
|
773,071
|
|
|
690,123
|
|
|
1,530,223
|
|
|
1,379,653
|
TJX Canada
|
|
|
695,924
|
|
|
679,364
|
|
|
1,304,344
|
|
|
1,324,860
|
TJX Europe
|
|
|
954,339
|
|
|
777,591
|
|
|
1,845,188
|
|
|
1,496,425
|
Total net sales
|
|
$
|
6,917,212
|
|
$
|
6,442,424
|
|
$
|
13,408,388
|
|
$
|
12,632,033
|
|
|
|
|
|
|
|
|
|
Segment profit:
|
|
|
|
|
|
|
|
|
In the United States:
|
|
|
|
|
|
|
|
|
Marmaxx
|
|
$
|
685,614
|
|
$
|
647,978
|
|
$
|
1,308,688
|
|
$
|
1,282,278
|
HomeGoods
|
|
|
94,635
|
|
|
81,170
|
|
|
192,840
|
|
|
170,233
|
TJX Canada
|
|
|
95,024
|
|
|
90,776
|
|
|
139,047
|
|
|
165,082
|
TJX Europe
|
|
|
55,614
|
|
|
40,529
|
|
|
93,875
|
|
|
56,893
|
Total segment profit
|
|
|
930,887
|
|
|
860,453
|
|
|
1,734,450
|
|
|
1,674,486
|
|
|
|
|
|
|
|
|
|
General corporate expenses
|
|
|
72,289
|
|
|
79,088
|
|
|
135,726
|
|
|
155,954
|
Loss on early extinguishment of debt
|
|
|
16,830
|
|
|
-
|
|
|
16,830
|
|
|
-
|
Interest expense, net
|
|
|
11,150
|
|
|
8,919
|
|
|
20,745
|
|
|
14,201
|
Income before provision for income taxes
|
|
$
|
830,618
|
|
$
|
772,446
|
|
$
|
1,561,149
|
|
$
|
1,504,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The TJX Companies, Inc. and Consolidated Subsidiaries
Notes to
Consolidated Condensed Statements
-
During the second quarter ended August 2, 2014, TJX repurchased 8.0
million shares of its common stock at a cost of $440 million. During
the six months ended August 2, 2014, TJX repurchased 14.0 million
shares of its common stock at a cost of $800 million. 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 June 5, 2014 TJX issued $750 million of 2.75% seven year notes. The
Company used the proceeds to redeem its $400 million 4.20% notes prior
to their scheduled maturity of August 15, 2015 and intends to use the
balance of the proceeds from the notes offering for working capital
and other general corporate purposes. On July 8, 2014 the Company
completed the redemption of the 4.2% notes pursuant to the terms of
the indenture and recorded pre-tax loss on the early extinguishment of
debt of $16.8 million. The charge for the early extinguishment of this
debt reduced net income for the fiscal 2015 second quarter by $.02 per
share.
CONTACT:
The TJX Companies, Inc.
Debra McConnell
Global
Communications
(508) 390-2323
TJX Companies (NYSE:TJX)
過去 株価チャート
から 6 2024 まで 7 2024
TJX Companies (NYSE:TJX)
過去 株価チャート
から 7 2023 まで 7 2024