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 1, 2014. Net sales for the third quarter of Fiscal
2015 increased 6% to $7.4 billion, and consolidated comparable
store sales increased 2% over last year’s 5% increase. Net income
for the third quarter was $595 million and diluted earnings per
share were $.85 compared with last year’s $.86 per share, which
included a tax benefit of $.11. Excluding this benefit, diluted
earnings per share increased 13% on an adjusted basis over last
year’s adjusted $.75 per share. The impact of foreign currency
exchange rates to this year’s third quarter earnings per share was
neutral versus the Company’s expectation of a $.01 per share
benefit.
For the first nine months of Fiscal 2015, net sales were $20.8
billion, a 6% increase over last year and consolidated comparable
store sales increased 2% over last year’s 3% increase. Net income
for the first nine months of Fiscal 2015 was $1.6 billion and
diluted earnings per share were $2.22. Excluding a second quarter
debt extinguishment charge, which rounded to a $.01 per share
impact for the first nine months of Fiscal 2015, adjusted diluted
earnings per share were $2.23, a 10% increase over last year’s
adjusted $2.03, which excludes the third quarter tax benefit
(referred to above) from reported diluted earnings per share of
$2.14.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “I am very pleased with our third quarter
performance. Our comp sales increase of 2% was at the high end of
our plan against 5% growth last year, our strongest quarter of
2013. On an adjusted basis, we drove a 13% EPS increase over 21%
growth last year. We are particularly pleased that customer traffic
continued to gain momentum in the third quarter despite unusually
warm weather, which we believe dampened sales throughout TJX Europe
starting in September and hurt Marmaxx in October. Having said
that, the fourth quarter is off to a very strong start. As we enter
the holiday season, we believe our gift giving, marketing and
values are the most exciting that we have offered our customers. We
have many new in-store initiatives that we believe will both
surprise and delight our customers. We remain very confident in the
short- and long-term growth prospects for our business as we grow
TJX to a $40 billion-plus company.”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the third quarter, were as follows:
Third Quarter Third
Quarter Comparable Store Sales1
Net Sales
($ in millions)2,3 FY2015 FY2014 FY2015
FY2014
In the U.S.:
Marmaxx4,5 +1% +4%
$4,674 $4,484 HomeGoods +7% +10% $851
$740
International:
TJX Canada +3% +2%
$792 $786 TJX Europe -1% +5% $1,050
$972
TJX +2% +5% $7,366 $6,982
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 third quarter of
Fiscal 2015 versus the prior year. The overall net impact of
foreign currency exchange rates was neutral on third quarter Fiscal
2015 earnings per share, the same as last year’s neutral
impact.
For the first nine months of Fiscal 2015, the movement in
foreign currency exchange rates had a neutral 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 2015, 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 third quarter of Fiscal 2015, the Company’s consolidated
pretax profit margin was 13.0%, up 0.4 percentage points over a
strong increase in the prior year. The gross profit margin for the
third quarter of Fiscal 2015 was 29.4%, up 0.1 percentage points
versus strong growth the prior year. Selling, general and
administrative costs as a percent of sales were 16.2% in the third
quarter, a 0.4 percentage point improvement from the prior year,
due to items in the third quarter last year and expense
favorability.
Inventory
Total inventories as of November 1, 2014 were $4.0 billion,
compared with $3.7 billion at the end of the third quarter last
year. Consolidated inventories on a per-store basis as of November
1, 2014, including the distribution centers, but excluding
inventory in transit and the Company’s e-commerce businesses, were
up 2% on a reported basis (up 3% on a constant currency basis)
versus a 4% decrease last year as the Company transitioned to gift
giving a bit earlier than last year. TJX enters the fourth quarter
in an excellent position to capitalize on the plentiful buying
opportunities it is seeing in the marketplace and ship
ever-changing gift selections to its stores throughout the holiday
season.
Shareholder
Distributions
During the third quarter, the Company repurchased a total of
$448 million of TJX stock, retiring 7.5 million shares. For the
first nine months of Fiscal 2015, the Company spent a total of $1.2
billion in repurchases of TJX stock, retiring 21.5 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.
Fourth Quarter and Full Year Fiscal
2015 Outlook
For the fourth quarter of Fiscal 2015, the Company is updating
its diluted earnings per share guidance to be in the range of $.86
to $.90, which would represent a 6% to 11% increase over last
year’s $.81 per share. This guidance now assumes an expected $.02
per share negative impact from foreign currency exchange rates,
versus the prior assumption of foreign currency being neutral, as
well as a $.02 per share negative impact due to a combination of
additional expenses and investments for the future. The Company is
maintaining its outlook for estimated consolidated comparable store
sales growth to be 1% to 2% and merchandise margins to be up.
The Company is updating its full year guidance range to reflect
its third quarter results and fourth quarter guidance. On a
reported basis, for the fiscal year ending January 31, 2015, the
Company now expects diluted earnings per share to be in the range
of $3.07 to $3.11 versus $2.94 in Fiscal 2014. This guidance now
assumes an expected $.03 per share negative impact from foreign
currency exchange rates, versus the prior assumption of a $.01 per
share negative impact. On an adjusted basis, excluding the second
quarter debt extinguishment charge (referred to above) of an
estimated $.02 per share, this guidance would be $3.09 to $3.13.
This guidance for adjusted EPS would represent a 9% to 11% increase
over the prior year’s adjusted EPS of $2.83, which excludes the
$.11 per share tax benefit. Further, this outlook continues to be
based upon estimated consolidated comparable store sales growth of
1% to 2%.
The Company’s earnings guidance for the fourth quarter and full
year Fiscal 2015 assumes that currency exchange rates will remain
unchanged from the levels at the beginning of the fourth
quarter.
Stores by Concept
During the third quarter ended November 1, 2014, the Company
increased its store count by a net of 106 stores. The Company
increased square footage by 4% 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 1,090 1,113 31.4 32.0
Marshalls 956 973 29.3 29.6 HomeGoods
464 485 11.6 12.1 Sierra Trading Post
4 6 0.1 0.2
TJX Canada:
Winners 230
234 6.7 6.7 HomeSense 92 96
2.2 2.3 Marshalls 33 38 1.0
1.2
TJX Europe:
T.K. Maxx 382 407 12.0
12.6 HomeSense 28 33 0.6 0.7
TJX 3,279 3,385 94.8 97.3
*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 November
1, 2014, the end of the Company’s third quarter, the Company
operated a total of 3,385 stores in six countries, the United
States, Canada, the United Kingdom, Ireland, Germany, and Poland,
and three e-commerce sites. These include 1,113 T.J. Maxx, 973
Marshalls, 485 HomeGoods and 6 Sierra Trading Post stores, as well
as tjmaxx.com and sierratradingpost.com, in the United States; 234
Winners, 96 HomeSense, and 38 Marshalls stores in Canada; and 407
T.K. Maxx and 33 HomeSense stores, as well as tkmaxx.com, in
Europe. TJX’s press releases and financial information are also
available at tjx.com.
Fiscal 2015 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 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, November 25,
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.
The TJX Companies, Inc. and Consolidated
Subsidiaries
Financial Summary
(Unaudited)
(In Thousands Except Per Share
Amounts)
13 Weeks Ended 39 Weeks Ended
November 1,2014
November 2,2013
November 1,2014
November 2,2013
Net sales
$
7,366,066 $ 6,981,876
$ 20,774,454 $
19,613,909 Cost of sales, including buying and
occupancy costs 5,203,629 4,934,465 14,817,485 13,954,737 Selling,
general and administrative expenses 1,193,297 1,158,668 3,389,105
3,251,897 Loss on early extinguishment of debt - - 16,830 -
Interest expense, net
10,040
9,371 30,785
23,572 Income before provision for income taxes
959,100 879,372 2,520,249 2,383,703 Provision for income taxes
364,143 256,717
953,351 828,599 Net income
$ 594,957 $
622,655 $ 1,566,898
$ 1,555,104 Diluted earnings per
share $ 0.85 $ 0.86 $ 2.22 $ 2.14 Cash dividends declared
per share $ 0.175 $ 0.145 $ 0.525 $ 0.435 Weighted average
common shares – diluted 701,005 724,108 706,122 728,283
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
November 1,2014
November 2,2013
ASSETS Current assets:
Cash and cash equivalents
$ 2,153.6 $ 2,010.8 Short-term investments 277.2 251.3 Accounts
receivable and other current assets 642.2 595.9 Current deferred
income taxes, net 123.0 102.4 Merchandise inventories
3,958.6 3,663.2 Total
current assets
7,154.6
6,623.6 Property, net of depreciation 3,849.8
3,540.5 Other assets 276.9 191.6 Goodwill and tradename, net of
amortization
310.7 313.5
TOTAL ASSETS
$ 11,592.0
$ 10,669.2 LIABILITIES AND
SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $
2,554.4 $ 2,346.4 Accrued expenses and other current liabilities
1,835.2 1,697.4
Total current liabilities
4,389.6
4,043.8 Other long-term liabilities 741.1 831.1
Non-current deferred income taxes, net 463.7 396.3 Long-term debt
1,623.8 1,274.2 Shareholders’ equity
4,373.8 4,123.8 TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
$
11,592.0 $ 10,669.2
The TJX Companies, Inc. and Consolidated
Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
39 Weeks Ended
November 1,2014
November 2,2013
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,566.9 $
1,555.1 Depreciation and amortization 438.2 407.3 Loss on early
extinguishment of debt 16.8 - Deferred income tax provision 7.4
47.1 Share-based compensation 67.7 56.6 (Increase) in accounts
receivable and other assets (87.4 ) (46.8 ) (Increase) in
merchandise inventories (1,019.4 ) (654.8 ) Increase in accounts
payable 800.0 417.7 Increase (decrease) in accrued expenses and
other liabilities 95.4 (85.9 ) Other
(73.3 )
(62.9 ) Net cash provided by operating
activities
1,812.3
1,633.4 CASH FLOWS FROM INVESTING
ACTIVITIES: Property additions (705.9 ) (759.3 ) Purchases of
short-term investments (297.7 ) (307.1 ) Sales and maturities of
short-term investments 309.8 278.9 Other
-
2.7 Net cash (used in) investing
activities
(693.8 )
(784.8
) 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 (1,214.2 ) (998.1 ) Proceeds from issuance of common stock
90.3 117.7 Cash dividends paid (345.7 ) (291.0 ) Other
45.9 53.5 Net cash
(used in) financing activities
(1,090.6 )
(618.3 ) Effect of exchange rate changes
on cash
(24.0 )
(31.5 ) Net increase in cash and
cash equivalents 3.9 198.8 Cash and cash equivalents at beginning
of year
2,149.7
1,812.0 Cash and cash equivalents at end
of period
$ 2,153.6 $
2,010.8
The TJX Companies, Inc. and Consolidated
Subsidiaries
Selected Information by Major Business
Segment
(Unaudited)
(In Thousands)
13 Weeks Ended 39 Weeks Ended
November 1,2014
November 2,2013
November 1,2014
November 2,2013
Net sales: In the United States:
Marmaxx
$ 4,673,718 $ 4,484,174 $ 13,402,351 $ 12,915,269 HomeGoods 851,045
739,537 2,381,268 2,119,190 TJX Canada 791,725 785,883 2,096,069
2,110,743 TJX Europe
1,049,578
972,282 2,894,766
2,468,707 Total net sales
$
7,366,066 $ 6,981,876
$ 20,774,454 $
19,613,909 Segment profit: In the United
States: Marmaxx $ 679,929 $ 658,369 $ 1,988,617 $ 1,940,647
HomeGoods 117,922 96,937 310,762 267,170 TJX Canada 136,480 128,692
275,527 293,774 TJX Europe
115,313
101,043 209,188
157,936 Total segment profit 1,049,644 985,041
2,784,094 2,659,527 General corporate expenses 80,504 96,298
216,230 252,252 Loss on early extinguishment of debt - - 16,830 -
Interest expense, net
10,040
9,371 30,785
23,572 Income before provision for income taxes
$ 959,100 $
879,372 $ 2,520,249
$ 2,383,703
The TJX Companies, Inc. and Consolidated
SubsidiariesNotes to Consolidated Condensed Statements
- During the third quarter ended November
1, 2014, TJX repurchased 7.5 million shares of its common stock at
a cost of $448 million. During the nine months ended November 1,
2014, TJX repurchased 21.5 million shares of its common stock at a
cost of $1.2 billion. 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.In
September 2014, TJX completed the $1.5 billion stock repurchase
program authorized in February 2013 under which TJX purchased 25.5
million shares of common stock.
- 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 thirty-nine week period ended November 1, 2014 by
$0.01 per share.
The TJX Companies, Inc.Debra McConnellGlobal Communications(508)
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