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 fourth quarter
and fiscal year ended January 31, 2015. Net sales for the fourth
quarter were $8.3 billion, a 6% increase over last year.
Consolidated comparable store sales increased 4% over last year’s
3% increase. Net income was $648 million and diluted earnings per
share were $.93, a 15% increase over last year’s $.81 per
share.
For the 52-week fiscal year ended January 31, 2015, net sales
were $29.1 billion, a 6% increase over last year. Consolidated
comparable store sales increased 2% over last year’s 3% increase.
Net income for the fiscal year was $2.2 billion, and diluted
earnings per share were $3.15. Excluding a second quarter debt
extinguishment charge of $.01 per share, adjusted diluted earnings
per share were $3.16, a 12% increase over last year’s adjusted
$2.83, which excluded an $.11 tax benefit from reported diluted
earnings per share of $2.94.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies,
Inc., stated, “We are very pleased to end 2014 with excellent
results in the fourth quarter! Our EPS growth of 15% and comp
increase of 4% significantly exceeded our expectations. We are
particularly pleased our comps were almost entirely driven by
customer traffic, as consumers responded to our exciting
merchandise assortments, amazing values and effective marketing.
Merchandise margins were also very strong. We are also very pleased
with our full year 2014 performance. Our adjusted earnings per
share growth of 12% over last year’s 15% increase marks our sixth
consecutive year of double-digit EPS increases.”
Meyrowitz continued, “As always, we’re pursuing many initiatives
to drive sales and customer traffic, and we have numerous growth
vehicles that are working well. In 2015, we are taking a prudent
approach to planning our earnings per share growth. We are
continuing to plan comp sales increases conservatively while we
simultaneously strive to surpass our goals. Further, we will
continue to reinvest in our growth initiatives for today and the
future, and we are making additional investments in our store
Associates to maintain our focus on offering our customers an
excellent shopping experience. Like other major international
retailers, our 2015 plans also reflect an expected negative impact
from foreign currency exchange rates. Our underlying business
remains very strong and we are reiterating our 10% to 13% long-term
annual EPS growth model. We see tremendous U.S. and international
potential for our Company. We are excited to be entering our
seventh country, Austria, this spring, and to announce our plans to
expand into our eighth country, The Netherlands, later this year.
We are growing TJX as a global, value retailer and are well on our
way to becoming a $40 billion company and beyond!”
Increase in Shareholder
Distributions
The Company intends to increase the regular quarterly dividend
on its common stock to be declared in March 2015 and payable in
June 2015 to $.21 per share, subject to the approval of the
Company’s Board of Directors. This increase would represent a 20%
increase in the current per share dividend and mark the 19th
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%.
The Company also announced today its plan to repurchase
approximately $1.8 to $1.9 billion of TJX stock during the fiscal
year ending January 30, 2016, which would be $100 to $200 million
more than last year. With $1.3 billion remaining at Fiscal 2015
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 4% of the Company’s
outstanding shares at current prices. The new stock repurchase
program marks the 16th program approved by the Board since 1997.
Over this period, the Company has spent approximately $14.4 billion
on the repurchase of TJX stock. During the fourth quarter, the
Company spent a total of $407 million to repurchase TJX stock,
retiring 6.2 million shares. In Fiscal 2015, the Company spent a
total of $1.7 billion to repurchase TJX stock, retiring 27.7
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.
Carol Meyrowitz commented, “Our business continues to generate
enormous amounts of cash and deliver strong financial returns. In
Fiscal 2016, we plan to continue investing to support our growth
while distributing cash to our shareholders. Our capital spending
plans include investing in new stores, store remodels, and our
supply chain and infrastructure. Simultaneously, we plan to
significantly increase both our regular quarterly dividend and our
large share buyback program, with $1.8 to $1.9 billion of
repurchases planned for Fiscal 2016. All of these actions
underscore our confidence in our ability to continue delivering
substantial increases in sales, earnings, and cash flow, and
generate superior financial returns.”
Increased Investments in TJX
Associates
The Company announced today an important initiative on wages for
its U.S. store Associates, including its T.J. Maxx, Marshalls,
HomeGoods and Sierra Trading Post Associates. This initiative will
benefit current and future Associates, as the Company’s full- and
part-time hourly U.S. store Associates will earn at least $9.00 per
hour beginning in June. Sometime during 2016, all hourly U.S. store
Associates who have been employed for six months or more will earn
at least $10 per hour.
Carol Meyrowitz commented, “At TJX, we attribute our success
over the last 38 years primarily to the people we have hired who
have remained focused on our mission of delivering consumers
amazing values. This pay initiative is an important part of our
strategies to continue attracting and retaining the best talent in
order to deliver a great shopping experience for our customers,
remain competitive on wages in our U.S. markets, and stay focused
on our value mission.”
Sales by Business
Segment
The Company’s comparable store sales and net sales by division,
in the fourth quarter, were as follows:
Fourth Quarter
Fourth Quarter Comparable Store Sales1,2
Net Sales ($ in millions)3,4
FY2015 FY2014
FY2015 FY2014
In the U.S.:
Marmaxx5,6
+3% +3%
$5,286 $5,014 HomeGoods
+11% +4% $1,033
$875
International:
TJX Canada +7%
-2% $788
$767 TJX Europe +2%
+8% $1,198 $1,153
TJX
+4% +3%
$8,304 $7,809
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in
currency exchange rates. 2Comparable store sales exclude e-commerce
sales. 3Sales in Canada and Europe include the impact of foreign
currency exchange rates. See below. 4Figures may not foot due to
rounding. 5Combination of T.J. Maxx and Marshalls. 6Net sales
include Sierra Trading Post.
The Company’s comparable store sales and net sales by division
for the full year were as follows:
Full Year
Full Year Comparable Store Sales1,2
Net Sales ($ in millions)3,4
FY2015 FY2014
FY2015 FY2014
In the U.S.:
Marmaxx5,6
+1% +3%
$18,688 $17,930 HomeGoods
+7% +7%
$3,414 $2,994
International:
TJX Canada
+3% 0%
$2,884 $2,878 TJX Europe
+3% +6%
$4,092 $3,622
TJX
+2% +3%
$29,078 $27,423
1Comparable store sales outside the U.S. calculated on a
constant currency basis, which removes the effect of changes in
currency exchange rates. 2Comparable store sales exclude e-commerce
sales. 3Sales in Canada and Europe include the impact of foreign
currency exchange rates. See below. 4Figures may not foot due to
rounding. 5Combination of T.J. Maxx and Marshalls. 6Net 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 can have a material effect on the magnitude
of these translations and adjustments when there is significant
volatility in currency exchange rates.
The movement in foreign currency exchange rates had a two
percentage point negative impact on consolidated net sales growth
in the fourth quarter of Fiscal 2015 versus the prior year’s fourth
quarter. The overall net impact of foreign currency exchange rates
had a neutral impact on fourth quarter Fiscal 2015 earnings per
share, compared with a $.01 positive impact last year.
The movement in foreign currency exchange rates had a one
percentage point negative impact on consolidated net sales growth
for the full Fiscal 2015 year versus the prior year. The overall
net impact of foreign currency exchange rates had a $.01 negative
impact on full year Fiscal 2015 earnings per share, compared with a
$.01 positive 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 fourth quarter of Fiscal 2015, the Company’s
consolidated pretax profit margin was 12.4%, a 0.4 percentage point
increase over the prior year’s 12.0% margin.
The gross profit margin for the fourth quarter of Fiscal 2015
was 28.2%, up 0.6 percentage points over the prior year. The
increase was primarily due to merchandise margin improvement as
well as buying and occupancy leverage on the strong comp store
sales increase. Selling, general and administrative costs as a
percent of sales were 15.7%, up 0.1 percentage points versus the
prior year’s ratio.
For the full year Fiscal 2015, the Company’s consolidated pretax
profit margin was 12.2%. Excluding the approximately 0.1 percentage
point debt extinguishment charge (referred to above), adjusted
consolidated pretax profit margin was 12.3%, a 0.2 percentage point
increase over the prior year’s 12.1% margin.
The gross profit margin for Fiscal 2015 was 28.5%, flat versus
the prior year. Selling, general and administrative costs as a
percent of sales were 16.1%, a 0.2 percentage point improvement
over the prior year’s ratio.
Inventory
Total inventories as of January 31, 2015 were $3.2 billion,
compared with $3.0 billion at the end of the prior fiscal year.
Consolidated inventories on a per-store basis as of January 31,
2015, including the distribution centers, but excluding inventory
in transit and the Company’s e-commerce businesses, were up 3% on a
reported basis (up 5% on a constant currency basis) versus an 8%
decline last year. TJX enters the new fiscal year in an excellent
inventory position and is set up well to take advantage of the
plentiful opportunities it sees in the marketplace and to continue
shipping fresh spring merchandise to its stores.
Full Year and First Quarter Fiscal 2016
Outlook
For the fiscal year ending January 30, 2016, the Company expects
diluted earnings per share to be in the range of $3.17 to $3.25
versus $3.15 in Fiscal 2015. Excluding the $.01 debt extinguishment
charge in Fiscal 2015 referred to above, this guidance would
represent a 0% to 3% increase over the adjusted $3.16 in Fiscal
2015. This guidance reflects an assumption that currency could have
a 5% negative impact on EPS growth, including 3% due to the impact
of the dramatic change in foreign currency exchange rates on
translation and mark-to-market adjustments (described above) and 2%
from the effect of currency on merchandise margins at the Company’s
international divisions. The Company is also assuming that the
combination of its investments in Associates, incremental
investments to support its growth, and pension costs will
negatively impact EPS growth by an additional 4%. This EPS outlook
is based upon estimated consolidated comparable store sales growth
of 1% to 2%, consistent with the Company’s plans in prior years.
Again, the Company is reiterating its 10% to 13% long-term annual
EPS growth model.
For the first quarter of Fiscal 2016, the Company expects
diluted earnings per share to be in the range of $.64 to $.66,
which would represent a 0% to 3% increase over last year’s $.64 per
share. This guidance reflects an assumption that currency could
have a 4% negative impact on EPS growth, including 3% due to the
impact of the dramatic change in foreign currency exchange rates on
translation and mark-to-market adjustments (described above) and 1%
from the effect of currency on merchandise margins at the Company’s
international divisions. The Company also expects the combination
of incremental investments to support its growth, employee payroll
and pension costs to negatively impact EPS growth by an additional
5%. This outlook is based upon estimated consolidated comparable
store sales growth of 2% to 3%.
The Company’s earnings guidance for the first quarter and full
year Fiscal 2016 assumes that currency exchange rates will remain
unchanged from the levels at the beginning of the first
quarter.
Stores by Concept
During the fiscal year ended January 31, 2015, the Company
increased its net store count by 176 stores to end the year with
3,395 stores. The Company increased square footage by 5% over the
same period last year.
Store Locations Gross
Square Feet* FY2015 FY2015
(in millions)
Beginning
End Beginning
End In the U.S.:
T.J. Maxx
1,079 1,119 31.2
32.1 Marshalls 942
975 28.9 29.7 HomeGoods
450 487 11.3 12.1
Sierra Trading Post 4 6
0.1 0.2
TJX Canada:
Winners 227 234
6.6 6.7 HomeSense
91 96 2.2 2.3 Marshalls
27 38 0.8
1.2
TJX Europe:
T.K. Maxx
371 407 11.6
12.6 HomeSense 28
33 0.6 0.7
TJX 3,219 3,395
93.3 97.5
*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 January
31, 2015, the end of the Company’s fiscal year, the Company
operated a total of 3,395 stores in six countries, the United
States, Canada, the United Kingdom, Ireland, Germany, and Poland,
and three e-commerce sites. These include 1,119 T.J. Maxx, 975
Marshalls, 487 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.
Fourth Quarter and Fiscal Year 2015
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 fourth quarter and full year Fiscal 2015 results,
operations, business trends and plans for Fiscal 2016. 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 4, 2015, 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 52
Weeks Ended
January 31,2015
February 1,2014
January 31,2015
February 1,2014
Net sales
$
8,303,953 $ 7,808,787
$ 29,078,407 $
27,422,696 Cost of sales, including buying and
occupancy costs 5,959,037 5,650,300 20,776,522 19,605,037 Selling,
general and administrative expenses 1,306,279 1,215,192 4,695,384
4,467,089 Loss on early extinguishment of debt - - 16,830 -
Interest expense, net
9,002
7,509 39,787
31,081 Income before provision for income taxes
1,029,635 935,786 3,549,884 3,319,489 Provision for income taxes
381,405 353,494
1,334,756 1,182,093 Net
income
$ 648,230 $
582,292 $ 2,215,128
$ 2,137,396 Diluted earnings per
share $ 0.93 $ 0.81 $ 3.15 $ 2.94 Cash dividends declared
per share $ 0.175 $ 0.145 $ 0.70 $ 0.58 Weighted average
common shares – diluted 695,928 719,492 703,545 726,376
The TJX Companies, Inc. and Consolidated Subsidiaries Condensed
Balance Sheets (Unaudited) (In Millions)
January 31,2015
February 1,2014
ASSETS Current assets: Cash and cash equivalents $ 2,493.8 $
2,149.7 Short-term investments 282.6 294.7 Accounts receivable and
other current assets 583.1 555.5 Current deferred income taxes, net
137.6 101.6 Merchandise inventories
3,217.9
2,966.5 Total current assets
6,715.0 6,068.0 Property,
net of depreciation 3,807.6 3,594.5 Other assets 235.1 225.8
Goodwill and tradename, net of amortization
309.9 312.7 TOTAL ASSETS
$ 11,067.6 $
10,201.0 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 2,007.5 $ 1,771.3 Accrued
expenses and other current liabilities
1,922.1
1,746.5 Total current liabilities
3,929.6 3,517.8 Other
long-term liabilities 827.4 733.0 Non-current deferred income
taxes, net 422.5 446.1 Long-term debt 1,623.9 1,274.2
Shareholders’ equity
4,264.2
4,229.9 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$ 11,067.6 $
10,201.0
The TJX Companies, Inc. and Consolidated Subsidiaries Condensed
Statements of Cash Flows (Unaudited) (In Millions)
52 Weeks Ended
January 31,2015
February 1,2014
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,215.1 $
2,137.4 Depreciation and amortization 589.0 548.8 Loss on early
extinguishment of debt 16.8 - Deferred income tax provision 91.0
52.2 Share-based compensation 88.0 76.1 (Increase) decrease in
accounts receivable and other assets (17.8 ) 8.6 (Increase)
decrease in merchandise inventories (332.3 ) 35.2 Increase
(decrease) in accounts payable 285.2 (152.3 ) Increase (decrease)
in accrued expenses and other liabilities 176.9 (18.6 ) Other
(103.5 )
(86.9 ) Net
cash provided by operating activities
3,008.4
2,600.5 CASH FLOWS FROM
INVESTING ACTIVITIES: Property additions (911.5 ) (946.7 )
Purchases of investments (431.2 ) (496.7 ) Sales and maturities of
investments 388.0 394.9 Other
-
2.7 Net cash (used in) investing activities
(954.7 )
(1,045.8 )
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 (1,650.7 )
(1,471.1 ) Proceeds from issuance of common stock 143.0 146.5 Cash
dividends paid (465.9 ) (393.8 ) Other
81.0
75.0 Net cash (used in) financing
activities
(1,559.5 )
(1,143.8 ) Effect of exchange rate changes on
cash
(150.1 )
(73.2 ) Net increase in cash and
cash equivalents 344.1 337.7 Cash and cash equivalents at beginning
of year
2,149.7
1,812.0 Cash and cash equivalents at end
of year
$ 2,493.8 $
2,149.7
The TJX Companies, Inc. and Consolidated Subsidiaries Selected
Information by Major Business Segment (Unaudited) (In Thousands)
13 Weeks Ended 52
Weeks Ended
January 31,2015
February 1,2014
January 31,2015
February 1,2014
Net sales: In the United States: Marmaxx $ 5,285,529
$ 5,014,307 $ 18,687,880 $ 17,929,576 HomeGoods 1,033,083 874,528
3,414,351 2,993,718 TJX Canada 787,794 767,091 2,883,863 2,877,834
TJX Europe
1,197,547
1,152,861 4,092,313
3,621,568 Total net sales
$
8,303,953 $ 7,808,787
$ 29,078,407 $ 27,422,696
Segment profit: In the United States: Marmaxx $ 748,077 $
672,046 $ 2,736,694 $ 2,612,693 HomeGoods 152,431 119,371 463,193
386,541 TJX Canada 118,095 111,589 393,622 405,363 TJX Europe
128,218 117,517
337,406 275,453 Total segment
profit 1,146,821 1,020,523 3,930,915 3,680,050 General
corporate expenses 108,184 77,228 324,414 329,480 Loss on early
extinguishment of debt - - 16,830 - Interest expense, net
9,002 7,509 39,787
31,081 Income before provision for income taxes
$ 1,029,635 $
935,786 $ 3,549,884 $
3,319,489
The TJX Companies, Inc. and Consolidated
Subsidiaries
Notes to Consolidated Condensed Statements
1. During the fourth quarter ended January 31, 2015, TJX
repurchased 6.2 million shares of its common stock at a cost of
$407 million. During the year ended January 31, 2015, TJX
repurchased 27.7 million shares of its common stock at a cost of
$1.7 billion. On January 30, 2015 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.
2. 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 year ended January 31, 2015 by $0.01 per share.
The TJX Companies, Inc.Debra McConnellGlobal Communications(508)
390-2323
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