The TJX Companies, Inc. Q2 FY 2018 results: Net sales increased 6% to $8.4 billion

  • Net sales increased 6% to $8.4 billion over last year’s 7% increase
  • Consolidated comp store sales increased 3% over last year’s 4% increase
  • Diluted EPS of $.85 compared with $.84 in the prior year
  • EPS results include a $.04 negative impact from foreign currency exchange rates this year, compared with a $.03 positive impact last year
  • The Company now estimates Fiscal 2018 diluted GAAP EPS to be in the range of $3.89 to $3.93 and adjusted EPS to be in the range of $3.78 to $3.82, which excludes an expected benefit of $.11 per share from the 53rd week in the Company’s Fiscal 2018 calendar
  • Returned $751 million to shareholders in the second quarter through share repurchases and dividends

FRAMINGHAM, Mass., 2017-Aug-16 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today (Aug. 15, 2017) announced sales and earnings results for the second quarter ended July 29, 2017. Net sales for the second quarter of Fiscal 2018 increased 6% to $8.4 billion and consolidated comparable store sales increased 3% over last year’s 4% increase. Net income for the second quarter was $553 million and diluted earnings per share were $.85, versus the prior year’s $.84.

For the first half of Fiscal 2018, net sales were $16.1 billion, a 5% increase over last year. Consolidated comparable store sales for the first half of Fiscal 2018 increased 2%. Net income for the first half of Fiscal 2018 was $1.1 billion. Diluted earnings per share were $1.67, a 4% increase over the prior year’s $1.60.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “I am very pleased with our strong second quarter results. Consolidated comparable store sales were up 3% over a 4% increase last year and above our plan. Earnings per share were $.85, also above our plan, and, it’s important to note, included significant headwinds from foreign currency exchange rates. Customer traffic was up and was the primary driver of our comp store sales growth at every division and overall merchandise margin was up, which we see as excellent indicators of the fundamental strength, consistency and flexibility of our business. In addition, we are confident that we are gaining market share at each of our four major divisions. Looking ahead, we see exciting opportunities for our business in the second half of the year. We believe we are set up extremely well to take advantage of the abundant buying opportunities in the marketplace. We have great liquidity in our inventories and we continue to grow our global sourcing universe of over 18,000 vendors, as we constantly open new vendor relationships and strengthen our existing ones. Above all, we are focused on giving consumers compelling reasons to shop us by offering an ever-changing, eclectic mix of brands and fashions at excellent values and making our shopping experience entertaining and inspiring. As always, we will strive to surpass our goals and we have great confidence in the continued, successful growth of TJX!”

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.

For the second quarter of Fiscal 2018, the movement in foreign currency exchange rates had a one percentage point negative impact on consolidated net sales growth. The overall net impact of foreign currency exchange rates had a $.04 negative impact on second quarter Fiscal 2018 earnings per share, compared with a $.03 positive impact last year.

For the first six months of Fiscal 2018, the movement in foreign currency exchange rates had a one percentage point negative impact on consolidated net sales growth. The overall net impact of foreign currency exchange rates had a $.03 negative impact on earnings per share in the first six months of Fiscal 2018, compared with a $.01 negative 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 Investors section of tjx.com.

The foreign currency exchange rate impact to earnings per share does not include the impact currency exchange rates have on various transactions, which we refer to as “transactional foreign exchange.”

Margins

For the second quarter of Fiscal 2018, the Company’s consolidated pretax profit margin was 10.7%, a 0.9 percentage point decrease compared with the prior year.

Gross profit margin for the second quarter of Fiscal 2018 was 28.5%, down 0.9 percentage points versus the prior year. This was primarily due to losses related to the Company’s inventory hedges. Importantly, merchandise margin increased again this quarter.

Selling, general and administrative costs as a percent of sales were 17.8%, up 0.1 percentage points versus the prior year’s ratio, primarily due to wage increases, as the Company had anticipated.

Inventory

Total inventories as of July 29, 2017, were $3.9 billion, flat compared to the end of the second quarter last year. Consolidated inventories on a per-store basis as of July 29, 2017, including the distribution centers, but excluding inventory in transit and the Company’s e-commerce businesses, were down 6% on both a reported basis and constant currency basis. The Company enters the third quarter in an excellent inventory position and has plenty of liquidity to take advantage of the abundant buying opportunities in the marketplace for quality, branded merchandise.

Shareholder Distributions

During the second quarter, the Company repurchased a total of $550 million of TJX stock, retiring 7.5 million shares. During the first half of the year, the Company repurchased a total of $900 million of TJX stock, retiring 12 million shares. The Company now expects to repurchase approximately $1.5 to $1.8 billion of TJX stock in Fiscal 2018. The Company may adjust this amount up or down depending on various factors. Through its dividend program, under which the current dividend represents a 20% increase versus last year, the Company returned to shareholders $201 million in the second quarter and $369 million in the first half of the year.

Third Quarter and Full Year Fiscal 2018 Outlook

For the third quarter of Fiscal 2018, the Company expects diluted earnings per share to be in the range of $.98 to $1.00. This would represent an 18% to 20% increase over the prior year’s EPS of $.83 and an 8% to 10% increase over the prior year’s adjusted $.91, which excludes the combined $.08 impact of last year’s debt extinguishment charge and pension settlement charge. This guidance reflects an assumption that wage increases will negatively impact EPS growth by 1%. The Company also anticipates that the combination of foreign currency and transactional foreign exchange will positively impact EPS growth by 3% and that the change in accounting rules for share-based compensation will positively impact EPS growth by an additional 2%. This EPS outlook is based upon estimated consolidated comparable store sales growth of 1% to 2%.

For the 53-week fiscal year ending February 3, 2018, the Company now expects diluted earnings per share in the range of $3.89 to $3.93. This represents a 12% to 14% increase over the prior year’s EPS of $3.46. The Company’s full-year guidance includes an expected benefit of approximately $.11 per share from the 53rd week in the Company’s Fiscal 2018 calendar. Excluding this benefit, the Company expects adjusted diluted earnings per share to be in the range of $3.78 to $3.82. This would represent a 7% to 8% increase over the prior year’s adjusted $3.53, which excludes the combined $.07 impact of last year’s debt extinguishment charge and pension settlement charge from GAAP EPS of $3.46. This guidance reflects an assumption that wage increases will negatively impact EPS growth by 2%. The Company also anticipates that the change in accounting rules for share-based compensation will positively impact EPS growth by 2%. This EPS 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 2018 assumes that currency exchange rates will remain unchanged from the levels at the beginning of the third quarter.

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 July 29, 2017, the end of the Company’s second quarter, the Company operated a total of 3,913 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,194 TJ Maxx, 1,043 Marshalls, 619 HomeGoods and 16 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 258 Winners, 112 HomeSense, and 63 Marshalls stores in Canada; 522 TK Maxx and 51 Homesense stores, as well as tkmaxx.com, in Europe; and 35 TK Maxx stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Fiscal 2018 Second Quarter Earnings Conference Call

At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer and President of TJX, will hold a conference call to discuss the Company’s second quarter Fiscal 2018 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 22, 2017, 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 Investors 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 Investors 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; various marketing efforts; competition; personnel recruitment, training and retention; labor costs and workforce challenges; data security; information systems and new technology; economic conditions and consumer spending; adverse or unseasonable weather; serious disruptions or catastrophic events; disruptions in the second half of the fiscal year; corporate and retail banner reputation; quality, safety and other issues with merchandise; expanding international operations; merchandise importing; commodity availability and 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 and changes in laws, regulations and applicable accounting standards; outcomes of litigation, legal proceedings and other legal or regulatory matters; 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.

Contact:
Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. to release Q2 Fiscal 2018 financial results on Tuesday, August 15, 2017

FRAMINGHAM, Mass., 2017-Aug-02 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX) today (Aug. 1, 2017) announced that it plans to release its second quarter Fiscal 2018 sales and earnings results on Tuesday, August 15, 2017, before 9:30 a.m. ET.

At 11:00 a.m. ET that day, Ernie Herrman, TJX’s Chief Executive Officer and President, will hold a conference call to discuss the Company’s second quarter Fiscal 2018 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 22, 2017, or at tjx.com.

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 April 29, 2017, the end of the Company’s first quarter, the Company operated a total of 3,862 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,191 T.J. Maxx, 1,039 Marshalls, 596 HomeGoods and 12 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 258 Winners, 109 HomeSense, and 61 Marshalls stores in Canada; 515 T.K. Maxx and 46 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 T.K. Maxx stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website

Archived versions of the Company’s conference calls are available in the Investors 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 Investors section at tjx.com. The Company encourages investors to consult that section of its website regularly.

Contact:
Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. declares regular quarterly dividend of $.3125 per share

FRAMINGHAM, Mass., 2017-Apr-06 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE:TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today (Apr. 4, 2017) announced that its Board of Directors has raised the amount of its quarterly dividend by 20% from the last dividend paid. The Board declared a regular quarterly dividend in the amount of $.3125 per share, payable June 1, 2017, to shareholders of record on May 11, 2017.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “I am pleased to report that our Board of Directors has approved a 20% increase in our quarterly dividend. This marks our 21st consecutive year of dividend increases. Over this period, the Company’s dividend has grown at a compound annual rate of 23%. In addition, we plan to continue our significant share buyback program, with approximately $1.3 to $1.8 billion of repurchases planned for Fiscal 2018. With our tremendous cash flow and financial strength, we remain committed to returning cash to shareholders while simultaneously reinvesting in the business to support our growth goals. These actions underscore our confidence in our ability to continue to deliver strong, profitable sales and cash flow, and generate superior financial returns.”

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 28, 2017, the end of the Company’s fiscal year, the Company operated a total of 3,812 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,186 T.J. Maxx, 1,035 Marshalls, 579 HomeGoods and 12 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 255 Winners, 106 HomeSense, and 57 Marshalls stores in Canada; 503 T.K. Maxx and 44 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website

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; consumer trends and preferences; various marketing efforts; competition; quality and availability of personnel; labor costs and workforce challenges; data security; information systems and new technology; economic conditions and consumer spending; adverse or unseasonable weather; disruptions in the second half of the fiscal year; serious disruptions or catastrophic events; corporate and retail banner reputation; quality, safety and other issues with merchandise; compliance with laws, regulations and orders and changes in laws, regulations and applicable accounting principles and interpretations; expanding international operations; sourcing and moving merchandise internationally; commodity availability and pricing or increases in utility, transportation or logistics costs; fluctuations in currency exchange rates; fluctuations in quarterly operating results and market expectations; mergers, acquisitions, or business investments and divestitures, closings or business consolidations; outcomes of litigation, legal proceedings and other legal or regulatory matters; 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.

Contact:
Media:
Doreen Thompson
(508) 390-2323

Investors:
Jeff Botte
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. to release its 4Q and full year Fiscal 2017 sales and earnings results on February 22, 2017

FRAMINGHAM, Mass., 2017-Feb-09 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX) today (Feb. 8, 2017) announced that it plans to release its fourth quarter and full year Fiscal 2017 sales and earnings results on Wednesday, February 22, 2017, before 9:30 a.m. ET.

At 11:00 a.m. ET that day, Ernie Herrman, TJX’s Chief Executive Officer and President, will hold a conference call to discuss the Company’s fourth quarter and full year Fiscal 2017 results, operations and business trends, as well as expectations for Fiscal 2018. 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 1, 2017, or at tjx.com.

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 October 29, 2016, the end of the Company’s third quarter, the Company operated a total of 3,785 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,179 T.J. Maxx, 1,027 Marshalls, 568 HomeGoods and 11 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 255 Winners, 106 HomeSense, and 57 Marshalls stores in Canada; 503 T.K. Maxx and 44 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

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.

Media Contact:

Doreen Thompson
Investors: Jeff Botte
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. welcomes Jackwyn Nemerov to its Board of Directors

The TJX Companies, Inc. Elects Jackwyn Nemerov to Board of Directors

FRAMINGHAM, Mass., 2016-Dec-01 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE:TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, announced today (Nov. 29, 2016) that Jackwyn Nemerov has been elected to its Board of Directors.

Ms. Nemerov, 65, is the former President and Chief Operating Officer of Ralph Lauren Corporation, a position she held from November 2013 to November 2015, and previously served as its Executive Vice President. During her 12-year tenure with Ralph Lauren, from 2004 through her retirement in 2015, Ms. Nemerov led the Wholesale, Retail, Worldwide Licensing, and International businesses along with the full scope of company operations across Design, Merchandising, Marketing, Sourcing, Manufacturing, Supply Chain, and E-commerce. She also served on the Ralph Lauren Board of Directors from 2007 to 2015. Ms. Nemerov’s longstanding relationship with Ralph Lauren began during her 17-year executive career at Jones Apparel Group. At that company, she served as the President and Chief Operating Officer from 1998 to 2002, and earlier as a divisional President leading the Jones New York, Jones New York Sport, licensed Lauren by Ralph Lauren, and Gloria Vanderbilt for Murjani Group businesses. Prior to joining Jones Apparel Group, Ms. Nemerov held multiple roles within the retail industry.

Carol Meyrowitz, Executive Chairman of the Board of The TJX Companies, Inc., stated, “We could not be more pleased to welcome Jacki to our Board of Directors. With her deep retail experience, spanning 40 years, she has led premium, growing brands and operated profitable businesses in a highly competitive marketplace. We see Jacki’s expertise in brand building, marketing, supply chain, and e-commerce as an excellent complement to our Board. We very much look forward to working with her as we continue to grow TJX to become a $40 billion company and beyond.”

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 October 29, 2016, the end of the Company’s third quarter, the Company operated a total of 3,785 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,179 T.J. Maxx, 1,027 Marshalls, 568 HomeGoods, and 11 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 255 Winners, 106 HomeSense, and 57 Marshalls stores in Canada; 503 T.K. Maxx and 44 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website

The Company routinely posts information that may be important to investors in the Investor Information section at www.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; various marketing efforts; competition; personnel recruitment, training and retention; labor costs and workforce challenges; data security; information systems and new technology; economic conditions and consumer spending; adverse or unseasonable weather; serious disruptions or catastrophic events; disruptions in the second half of the fiscal year; corporate and retail banner reputation; quality, safety and other issues with merchandise; expanding international operations; merchandise importing; commodity availability and 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 and changes in laws, regulations and applicable accounting standards; outcomes of litigation, legal proceedings and other legal or regulatory matters; 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.

Contact:

Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. declares quarterly dividend of $.26 per share on its common stock

The TJX Companies, Inc. Announces Quarterly Common Stock Dividend

FRAMINGHAM, Mass., 2016-Dec-01 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE:TJX) today (Nov. 30, 2016) announced the declaration of a quarterly dividend on its common stock of $.26 per share payable March 2, 2017, to shareholders of record on February 9, 2017.

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 October 29, 2016, the end of the Company’s third quarter, the Company operated a total of 3,785 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,179 T.J. Maxx, 1,027 Marshalls, 568 HomeGoods, and 11 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 255 Winners, 106 HomeSense, and 57 Marshalls stores in Canada; 503 T.K. Maxx and 44 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website

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.

Contact:
Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. to release its third quarter FY2017 sales and earnings results on November 15, 2016

FRAMINGHAM, Mass., 2016-Nov-04 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX) today (Nov. 1, 201) announced that it plans to release its third quarter Fiscal 2017 sales and earnings results on Tuesday, November 15, 2016, before 9:30 a.m. ET.

At 11:00 a.m. ET that day, Ernie Herrman, TJX’s Chief Executive Officer and President, will hold a conference call with stock analysts to discuss the Company’s third quarter Fiscal 2017 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 22, 2016, or at tjx.com.

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 July 30, 2016, the end of the Company’s second quarter, the Company operated a total of 3,675 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,165 T.J. Maxx, 1,013 Marshalls, 538 HomeGoods and 9 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 250 Winners, 104 HomeSense, and 45 Marshalls stores in Canada; 473 T.K. Maxx and 43 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

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.

Contact:
Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. declares quarterly dividend on its common stock of $.26 per share

FRAMINGHAM, Mass., 2016-Sep-18 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE:TJX) today (Sep. 16, 2016) announced the declaration of a quarterly dividend on its common stock of $.26 per share payable December 1, 2016, to shareholders of record on November 10, 2016.

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 July 30, 2016, the end of the Company’s second quarter, the Company operated a total of 3,675 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,165 T.J. Maxx, 1,013 Marshalls, 538 HomeGoods and 9 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 250 Winners, 104 HomeSense, and 45 Marshalls stores in Canada; 473 T.K. Maxx and 43 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website

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.

Contact:
Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. announces pricing of public offering of $1.0 billion notes due 2026

FRAMINGHAM, Mass., 2016-Sep-08 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today (Sep. 7, 2016) announced the pricing of the public offering of $1.0 billion aggregate principal amount of notes due 2026. The notes will bear interest at a rate of 2.250% per annum, beginning September 12, 2016. The Company intends to use the net proceeds from the sale of the notes to redeem the Company’s $375 million aggregate principal amount 6.950% notes due April 15, 2019 and to use the remainder of the net proceeds for working capital and other general corporate purposes. The notes are expected to settle on September 12, 2016, subject to customary closing conditions.

Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers. This offering was made under an effective registration statement on file with the Securities and Exchange Commission. This press release is not an offer to sell nor is it an offer to buy any securities. Any offers to sell, or solicitations to buy, will be made solely by means of a prospectus and related prospectus supplement filed with the Securities and Exchange Commission. Copies of the prospectus and prospectus supplement relating to the notes may be obtained for free by visiting EDGAR on the Securities and Exchange Commission website at http://www.sec.gov.

Alternatively, copies of the prospectus and prospectus supplement may be obtained from any of the joint book-running managers by contacting Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, telephone: 1-800-503-4611, email: prospectus.cpdg@db.com; Merrill Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk, telephone: 212-834-4533; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attn: WFS Customer Service, Toll-free number: 1-800-645-3751, Email: wfscustomerservice@wellsfargo.com.

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 July 30, 2016, the end of the Company’s second quarter, the Company operated a total of 3,675 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,165 T.J. Maxx, 1,013 Marshalls, 538 HomeGoods and 9 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 250 Winners, 104 HomeSense, and 45 Marshalls stores in Canada; 473 T.K. Maxx and 43 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website
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. The contents of this website, and those referenced above, have not been incorporated into and do not form part of this press release.

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; various marketing efforts; competition; personnel recruitment, training and retention; labor costs and workforce challenges; data security; information systems and new technology; economic conditions and consumer spending; adverse or unseasonable weather; serious disruptions or catastrophic events; disruptions in the second half of the fiscal year; corporate and retail banner reputation; quality, safety and other issues with merchandise; expanding international operations; merchandise importing; commodity availability and 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 and changes in laws, regulations and applicable accounting standards; outcomes of litigation, legal proceedings and other legal or regulatory matters; 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.

Contact:
Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. rises full year guidance following above-plan Q2 FY17 results

FRAMINGHAM, Mass., 2016-Aug-17 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today (Aug. 16, 2016) announced sales and earnings results for the second quarter ended July 30, 2016. Net sales for the second quarter of Fiscal 2017 increased 7% to $7.9 billion and consolidated comparable store sales increased 4% over last year’s 6% increase. Net income for the second quarter was $562 million and diluted earnings per share were$.84, a 5% increase over the prior year’s $.80.

For the first half of Fiscal 2017, net sales were $15.4 billion, an 8% increase over last year. Consolidated comparable store sales for the first half of Fiscal 2017 increased 6%. Net income for the first half of Fiscal 2017 was $1.1 billion. Diluted earnings per share were$1.60, a 7% increase over the prior year’s $1.49.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “It was terrific to see our strong customer traffic and comps continue in the second quarter. Our consolidated comparable store sales increase of 4%, over 6% growth last year, and our earnings per share increase of 5% both exceeded our expectations. Further, we are extremely pleased that our comp store sales growth was almost entirely driven by customer traffic. We are convinced that we are gaining consumer market share as our excellent values on a compelling selection of brands and fashions are drawing customers to our retail brands around the world. We also are very pleased that our apparel, including accessories, and home businesses both performed well. Further, we saw a strong merchandise margin increase. We believe our robust sales, customer traffic and merchandise margins all speak to the strength of our off-price retail model. With our above-plan second quarter results, we are raising our guidance for full year comp sales to increase 3% to 4% and earnings per share to be in the range of $3.39 to $3.43. The third quarter is off to a solid start, and we see plentiful opportunities for our business in the second half of the year and beyond. We remain laser focused on achieving our goals for 2016 and are passionate about surpassing them. We continue on the road to becoming 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:

Second Quarter Second Quarter
Comparable Store Sales1,2 Net Sales ($ in millions)3,4
FY2017 FY2016 FY2017 FY2016
Marmaxx (U.S.)5,6 +4% +4% $5,099 $4,806
HomeGoods (U.S.) +5% +9% $987 $895
TJX Canada +9% +12% $757 $699
TJX International (Europe & Australia)7 +2% +5% $1,040 $963
TJX +4% +6% $7,882 $7,364
  1. Comparable store sales outside the U.S. calculated on a constant currency basis, which removes the effect of changes in currency exchange rates.
  2.  Comparable store sales exclude Sierra Trading Post, tjmaxx.com, tkmaxx.com and Trade Secret sales.
  3. Net sales in Canada, Europe and Australia include the impact of foreign currency exchange rates. See below.
  4. Figures may not foot due to rounding.
  5. Combination of T.J. Maxx and Marshalls.
  6. Net sales include Sierra Trading Post.
  7. FY 2017 net sales include Trade Secret.

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 second quarter of Fiscal 2017. The overall net impact of foreign currency exchange rates had a $.03 positive impact on second quarter Fiscal 2017 earnings per share, compared with a $.02 positive impact last year.

For the first six months of Fiscal 2017, the movement in foreign currency exchange rates had a two percentage point negative impact on consolidated net sales growth. The overall net impact of foreign currency exchange rates had a $.02 negative impact on earnings per share in the first six months of Fiscal 2017, compared with a $.01 negative 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.

The foreign currency exchange rate impact to earnings per share does not include the impact currency exchange rates have on various transactions, which we refer to as “transactional foreign exchange.”

Margins

For the second quarter of Fiscal 2017, the Company’s consolidated pretax profit margin was 11.6%, a 0.4 percentage point decrease compared with the prior year.

Gross profit margin for the second quarter of Fiscal 2017 was 29.4%, up 0.3 percentage points versus the prior year, primarily due to a strong increase in merchandise margins and gains related to the Company’s inventory hedges.

Selling, general and administrative costs as a percent of sales were 17.7%, up 0.8 percentage points versus the prior year’s ratio, primarily due to wage increases and investments to support growth, as the Company had anticipated.

Inventory

Total inventories as of July 30, 2016, were $3.9 billion, compared with $3.7 billion at the end of the second quarter last year. Consolidated inventories on a per-store basis as of July 30, 2016, including the distribution centers, but excluding inventory in transit and the Company’s e-commerce businesses, were down 2% 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 sees in the marketplace and ship fresh, branded assortments throughout the fall and holiday seasons.

Shareholder Distributions

During the second quarter, the Company repurchased a total of $400 million of TJX stock, retiring 5.2 million shares. For the first half of Fiscal 2017, the Company spent a total of $775 million in repurchases of TJX stock, retiring 10.2 million shares. The Company continues to expect to repurchase approximately $1.5 to $2.0 billion of TJX stock in Fiscal 2017. The Company may adjust this amount up or down depending on various factors.

Pension Payout Offer

The Company recently offered eligible, former TJX Associates who have not yet commenced their pension benefit an opportunity to receive a voluntary lump sum payout of their vested pension benefit. The Company anticipates that the potential impact of this pension payout offer, primarily a non-cash settlement charge, could negatively impact Fiscal 2017 earnings per share by approximately $.03 to $.05, but may be higher or lower depending on participation rates and other factors. The potential impact of this pension payout offer is not included in the Company’s third quarter or Fiscal 2017 outlook below.

Third Quarter and Full Year Fiscal 2017 Outlook

For the third quarter of Fiscal 2017, the Company expects diluted earnings per share to be in the range of $.83 to $.85 compared to$.86 last year. This guidance reflects an assumption that wage increases will negatively impact EPS growth by 3%. The Company also expects the combination of foreign currency and transactional foreign exchange will have an additional 3% negative impact on EPS growth. This EPS outlook is based upon estimated consolidated comparable store sales growth of 2% to 3%.

The Company is raising its full year guidance to reflect its strong second quarter results. For the fiscal year ending January 28, 2017, the Company now expects diluted earnings per share to be in the range of $3.39 to $3.43, which would represent a 2% to 3% increase over $3.33 in Fiscal 2016. This guidance reflects an assumption that wage increases will negatively impact EPS growth by 3%. The Company also expects the combination of foreign currency and transactional foreign exchange will have an additional 3% negative impact on EPS growth. This EPS outlook is now based upon a raised estimate of consolidated comparable store sales growth of 3% to 4%.

The Company’s earnings guidance for the third quarter and full year Fiscal 2017 assumes that currency exchange rates will remain unchanged from the levels at the beginning of the third quarter.

Stores by Concept

During the second quarter ended July 30, 2016, the Company increased its store count by 14 stores to a total of 3,675 stores. The Company increased square footage by 5% over the same period last year.

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 July 30, 2016, the end of the Company’s second quarter, the Company operated a total of 3,675 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,165 T.J. Maxx, 1,013 Marshalls, 538 Home Goods and 9 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 250 Winners, 104 HomeSense, and 45 Marshalls stores in Canada; 473 T.K. Maxx and 43 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Fiscal 2017 Second Quarter Earnings Conference Call

At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer and President of TJX, will hold a conference call with stock analysts to discuss the Company’s second quarter Fiscal 2017 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 23, 2016, or at tjx.com.

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; various marketing efforts; competition; personnel recruitment, training and retention; labor costs and workforce challenges; data security; information systems and new technology; economic conditions and consumer spending; adverse or unseasonable weather; serious disruptions or catastrophic events; disruptions in the second half of the fiscal year; corporate and retail banner reputation; quality, safety and other issues with merchandise; expanding international operations; merchandise importing; commodity availability and 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 and changes in laws, regulations and applicable accounting standards; outcomes of litigation, legal proceedings and other legal or regulatory matters; 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.

Contact:

Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. to release its second quarter Fiscal 2017 sales and earnings results on August 16, 2016

FRAMINGHAM, Mass., 2016-Aug-05 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX) today announced that it plans to release its second quarter Fiscal 2017 sales and earnings results on Tuesday, August 16, 2016, before 9:30 a.m. ET.

At 11:00 a.m. ET that day, Ernie Herrman, TJX’s Chief Executive Officer and President, will hold a conference call with stock analysts to discuss the Company’s second quarter Fiscal 2017 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 23, 2016, or at tjx.com.

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 April 30, 2016, the end of the Company’s first quarter, the Company operated a total of 3,661 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,163T.J. Maxx, 1,010 Marshalls, 534 HomeGoods and 8 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 250 Winners, 104 HomeSense, and 45 Marshalls stores in Canada; 471 T.K. Maxx and 41 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

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.

Contact:

Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.