TJX Beats Earnings in Q2

In What's New by Accessories Staff

tjx-LogosStacked-tag-cmyk-US-120x117-419x600The TJX Companies, Inc. announced sales and earnings results for the second quarter ended August 1, 2015. Net sales for the second quarter of Fiscal 2016 increased 6% to $7.4 billion and consolidated comparable store sales increased 6% over last year’s 3% increase.

Q2 net income was $549 million and diluted earnings per share were $.80, a 7% increase over the prior year’s adjusted $.75, which excluded a $.02 per share debt extinguishment charge from reported earnings per share of $.73.

For the first half of Fiscal 2016, net sales were $14.2 billion, a 6% increase over last year. Consolidated comparable store sales for the first half of Fiscal 2016 increased 5%. Net income for the first half of Fiscal 2016 was $1.0 billion. Diluted earnings per share were $1.49, an 8% increase over the prior year’s adjusted $1.38, which excluded a $.01 per share debt extinguishment charge from reported earnings per share of $1.37.

Carol Meyrowitz, Chairman and Chief Executive Officer of The TJX Companies, Inc., stated, “We are extremely pleased that our momentum continued in the second quarter. Our 6% consolidated comparable store sales growth and 7% adjusted EPS growth significantly exceeded our expectations. It was great to see that comp sales were entirely driven by customer traffic – our fifth consecutive quarter of sequential traffic improvement – and that we had strong sales across all of our divisions. Our flexible model and ability to offer an eclectic, exciting merchandise mix at outstanding values continues to resonate with consumers in all of our geographies. We were also very pleased with our solid merchandise margins.”

TJX, a $30 billion company, reiterated its plans to hit $40 billion.

At press time, TJX operated a total of 3,461 stores in seven countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, and Austria, and three e-commerce sites. These include 1,130 T.J. Maxx, 990 Marshalls, 503 HomeGoods and 6 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 240 Winners, 97 HomeSense, and 39 Marshalls stores in Canada; and 423 T.K. Maxx and 33 HomeSense stores, as well as tkmaxx.com, in Europe.