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The TJX Companies, Inc. Reports Q3 FY19 Results with Very Strong Comp Sales Growth of 7%, Customer Traffic Up, and Above-Plan EPS; Updates Full-Year Guidance Reflecting Strong Q3 Performance
- Above-plan consolidated comp store sales increase of 7%
- Customer traffic was the primary driver of the comp sales increases at every division
- Net sales increased 12% to $9.8 billion
- Completed 2-for-1 common stock split; all per share amounts in this press release reflect the split
- Above-plan diluted EPS of $.61, which includes a $.02 negative impact from a pension settlement charge that was not contemplated in the Company’s most recent guidance, compared with $.50 in the prior year
- Updates full-year Fiscal 2019 guidance, reflecting strong Q3 results (details below)
- Returned $841 million to shareholders in the third quarter through share repurchases and dividends
FRAMINGHAM, Mass.--(BUSINESS WIRE)--November 20, 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 third quarter ended November 3, 2018. Net sales for the third quarter of Fiscal 2019 increased 12% to $9.8 billion. Consolidated comparable store sales increased 7% over the comparable period last year ending November 4, 2017. Net income for the third quarter was $762 million and diluted earnings per share were $.61, versus the prior year’s $.50. Excluding a $.09 benefit due to items related to the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”), and a $.02 negative impact from a pension settlement charge (described below), adjusted diluted earnings per share for the third quarter were $.54.
For the first nine months of Fiscal 2019, net sales were $27.8 billion, a 12% increase over last year. Consolidated comparable store sales for the first nine months of Fiscal 2019 increased 6%. Net income for the first nine months of Fiscal 2019 was $2.2 billion and diluted earnings per share were $1.75, versus the prior year’s $1.33. Excluding a $.26 benefit due to items related to the 2017 Tax Act, and a $.02 negative impact from a pension settlement charge (described below), adjusted diluted earnings per share for the first nine months of Fiscal 2019 were $1.52.
Third Quarter and Year-to-Date FY2019 Reconciliation of Diluted EPS to Adjusted EPS
|Pension Settlement Charge||$.02||-||$.02||-|
|2017 Tax Act Benefit||($.09)||-||($.26)||-|
|Adjusted Diluted EPS1||$.54||$.50||$1.52||$1.33|
1Adjusted Diluted EPS totals may not foot due to rounding.
The following information was filed by Tjx Companies Inc (TJX) on Tuesday, November 20, 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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