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The TJX Companies, Inc. Reports Q4 and FY18 Results; Achieves Above-Plan Q4 Comp Sales Growth of 4% and Exceeds Q4 EPS Expectations; Announces Plan to Increase Dividend 25% and Buy Back $2.5 to $3.0 Billion of Stock; Provides FY19 Guidance
- Q4 net sales for the 14-week period increased 16% to $11.0 billion
- Q4 consolidated comparable store sales on a 13-week basis increased 4% over last year’s 3% increase
- Q4 GAAP diluted EPS of $1.37, compared with $1.03 in the prior year
- Q4 adjusted diluted EPS of $1.19, which excludes a $.17 net benefit due to items related to the 2017 Tax Act (described below), a benefit of approximately $.11 from the extra week in the Company’s Fiscal 2018 fourth quarter, and a $.10 impairment charge related to Sierra Trading Post (described below), compared with $1.03 in Q4 of the prior year
- FY18 net sales for the 53-week period increased 8% to $35.9 billion
- FY18 consolidated comparable store sales on a 52-week basis increased 2% over last year’s 5% increase
- FY18 GAAP diluted EPS of $4.04, compared with $3.46 in the prior year
- FY18 adjusted diluted EPS of $3.85, which excludes the same Q4 items mentioned above, compared with an adjusted $3.53 in the prior year
- Returned $2.4 billion to shareholders in Fiscal 2018 through share repurchases and dividends
FRAMINGHAM, Mass.--(BUSINESS WIRE)--February 28, 2018--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 ended February 3, 2018. Net sales for the 14-week fourth quarter of Fiscal 2018 increased 16% to $11.0 billion. Consolidated comparable store sales on a 13-week basis increased 4%, compared to last year’s 3% increase. Net income for the 14-week fourth quarter was $877 million and diluted earnings per share were $1.37. Adjusted diluted earnings per share for the fourth quarter were $1.19, a 16% increase over the prior year’s $1.03.
For the 53-week fiscal year ended February 3, 2018, net sales were $35.9 billion, an 8% increase over last year’s 7% increase. Consolidated comparable store sales on a 52-week basis increased 2% over last year’s 5% increase. Net income for the 53-week fiscal year was $2.6 billion and diluted earnings per share were $4.04 versus $3.46 in the prior year. Adjusted diluted earnings per share for the fiscal year were $3.85, a 9% increase over the prior year’s adjusted $3.53, which excluded a combined $.07 negative impact from a debt extinguishment charge and a pension settlement charge.
Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “We are very pleased with our strong finish to 2017! In the fourth quarter, our consolidated comp store sales increase of 4% and adjusted earnings per share both meaningfully exceeded our expectations. Once again, customer traffic was up overall and the primary driver of our comp sales increases at each of our four major divisions, as customers responded to our great brands and compelling, eclectic mix of merchandise at excellent values. We are also pleased with our full-year performance as we surpassed $35 billion in annual sales, an important milestone for our Company! Consolidated comp store sales were up 2% as we marked the 22nd consecutive year of comp sales growth for TJX. For the full year, adjusted earnings per share were also above our plan.”
Herrman continued, “Looking ahead, 2018 is off to a solid start. We see abundant opportunities in the marketplace for major brands and high-quality merchandise and are pursuing numerous initiatives to keep driving sales and customer traffic. Our management team is laser focused on achieving our 2018 plans and, as always, passionate about surpassing them.”
The following information was filed by Tjx Companies Inc (TJX) on Wednesday, February 28, 2018 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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