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The TJX Companies, Inc. Reports Above-Plan Q2 FY19 Results with Comp Sales Growth of 6% and EPS of $1.17; Raises Full-Year EPS and Comp Guidance
- Consolidated comp store sales increased 6% over last year’s 3% increase
- Net sales increased 12% to $9.3 billion over last year’s 6% increase
- Diluted EPS of $1.17 compared with $.85 in the prior year
- Customer traffic was the primary driver of the comp sales increases at every division
- Increased full-year Fiscal 2019 diluted EPS and comparable store sales guidance
- Returned $844 million to shareholders in the second quarter through share repurchases and dividends
FRAMINGHAM, Mass.--(BUSINESS WIRE)--August 21, 2018--The TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide, today announced sales and earnings results for the second quarter ended August 4, 2018. Net sales for the second quarter of Fiscal 2019 increased 12% to $9.3 billion. Consolidated comparable store sales increased 6% over the comparable period last year ending August 5, 2017. Net income for the second quarter was $740 million and diluted earnings per share were $1.17, versus the prior year’s $.85. Excluding an $.18 benefit due to items related to the 2017 Tax Cuts and Jobs Act, adjusted diluted earnings per share were $.99. Further, customer traffic was the primary driver of the comparable store sales increases at every division.
For the first half of Fiscal 2019, net sales were $18.0 billion, a 12% increase over last year. Consolidated comparable store sales for the first half of Fiscal 2019 increased 5%. Net income for the first half of Fiscal 2019 was $1.5 billion and diluted earnings per share were $2.30, versus the prior year’s $1.67. Excluding a $.34 benefit due to items related to the 2017 Tax Cuts and Jobs Act, adjusted diluted earnings per share for the first half of Fiscal 2019 were $1.95.
Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “We are extremely pleased with our second quarter results. Both our consolidated comp store sales growth of 6% and earnings per share of $1.17 significantly exceeded our expectations. Marmaxx, our largest division, delivered a very strong 7% comparable store sales increase. Customer traffic was once again the primary driver of our comp store sales increases at all of our divisions as we continue to reach a very wide customer demographic. Further, this marks the 16th straight quarter of customer traffic increases for TJX and Marmaxx. We have been attracting new customers to all our divisions, a significant share of whom are younger customers. This is great for our business today and for the future. Our teams delivered sharp execution of our off-price fundamentals across the Company, and customers responded to our great brands, fashions, and eclectic selections at excellent values. We were especially pleased with the robust performance of our apparel business. With our strong second quarter performance, we are raising our guidance for full-year earnings per share and comparable store sales growth. Looking forward, the third quarter is off to a very strong start and we have many exciting opportunities we are pursuing in the second half of the year. We are very confident that we will continue to gain market share and grow successfully around the world!”
The following information was filed by Tjx Companies Inc (TJX) on Tuesday, August 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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