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The TJX Companies, Inc. Reports Fiscal 2011 Double-Digit EPS Growth over Double-Digit Growth in Prior Year; Announces New Stock Repurchase Program and 27% Planned Increase in Dividend
FRAMINGHAM, Mass.--(BUSINESS WIRE)--February 23, 2011--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 29, 2011. Net sales for the 52-week fiscal year were $21.9 billion, an 8% increase over last year. Consolidated comparable store sales for the year increased 4% over the prior year’s 6% increase. Income from continuing operations for the 52-week fiscal year was $1.3 billion, and diluted earnings per share from continuing operations were $3.30. A number of items impact the comparability of earnings per share. Excluding these items detailed under “Items Impacting Comparability” (below), adjusted diluted earnings per share from continuing operations for the fiscal year were $3.49, a 23% increase over $2.84 in the prior year.
For the 13-week fourth quarter ended January 29, 2011, net sales were $6.3 billion, a 7% increase over the prior year. Consolidated comparable store sales for the quarter increased 2% over the prior year’s very strong 12% increase. Income from continuing operations was $331 million, and diluted earnings per share from continuing operations were $.83. Excluding the item detailed under “Items Impacting Comparability” (below), adjusted diluted earnings per share from continuing operations for the fourth quarter were $1.05, a 12% increase over $.94 in the prior year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “I am very proud of our results in 2010 as consolidated comparable store sales increased 4% on top of a 6% increase last year and our bottom line grew substantially over extraordinary growth in the prior year. I am even prouder of our Company's ability to grow our revenues and earnings year after year, through economic downturns and upturns. This speaks to the extraordinary flexibility of our off-price business model and our ability to successfully utilize that flexibility to our advantage. Providing great value to our customers on fabulous brands and fashions is our mission and we focus each day on the best ways of delivering that value. Our comparable store sales increases continue to be driven by customer traffic, which indicates to us that value remains top-of-mind for consumers. We are running our business with lean, fast-turning inventories, which in 2010, again led to even stronger merchandise margins. This, combined with our continued cost reduction initiatives, helped drive large increases in profitability. We see a great deal of further opportunity in all of these areas and others to drive sales and profits in 2011 and beyond.”
The following information was filed by Tjx Companies Inc (TJX) on Wednesday, February 23, 2011 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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