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The TJX Companies, Inc. Reports Strong Q4 and FY10 Results; Expects Continued Strength in FY11; Increases Investment in Growth and Plans Increased Cash Distribution to Shareholders
FRAMINGHAM, Mass.--(BUSINESS WIRE)--February 24, 2010--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 fiscal year and fourth quarter ended January 30, 2010. Net sales for the 52-week fiscal year were $20.3 billion, a 7% increase over the 53-week fiscal period last year. Consolidated comparable store sales increased 6% on a 52-week comparable basis. Net income from continuing operations for the 52-week fiscal year was $1.2 billion, and diluted earnings per share from continuing operations were $2.84 compared with $2.08 last year. A number of items impact the comparability of earnings per share. Excluding the items detailed under “Items Impacting Comparability” (see below), adjusted diluted earnings per share from continuing operations for the fiscal year increased 48% over the adjusted $1.92 in the prior year.
For the 13-week fourth quarter ended January 30, 2010, net sales were $5.9 billion, a 10% increase over the 14-week prior-year period. Consolidated comparable store sales increased 12% over the prior year on a 13-week comparable basis. Net income from continuing operations was $395 million, and diluted earnings per share from continuing operations were $.94 compared with $.58 in the prior year. A number of items impact comparability of earnings per share. Excluding the items detailed under “Items Impacting Comparability” (see below), adjusted diluted earnings per share from continuing operations for the fourth quarter increased 104% over the adjusted $.46 in the prior year.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “In 2009, one of the worst economic periods that the U.S., Canada, and Europe have seen, TJX generated superior earnings growth, with every division delivering top- and bottom-line results well above plan. Sales growth was driven by a large increase in transactions as we attracted new customers from all income levels with our compelling values. We aggressively managed our inventories which, combined with cost reduction programs, helped fuel strong increases in profitability. Additionally, we took advantage of opportunities the environment presented, opening more new stores than planned and thousands of new vendor doors. We enter 2010 very confident in our future, with a continued focus on driving sales and reducing inventory levels and costs. We believe value will remain key for consumers and are making significant investments in our stores to enhance the shopping experience for our customers. Our core businesses and growth vehicles are performing well, and we have enormous store growth potential. We begin a new year with tremendous momentum and great confidence in our ability to continue to grow our business profitably in the future.”
The following information was filed by Tjx Companies Inc (TJX) on Wednesday, February 24, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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