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The TJX Companies, Inc. Reports Q4 and FY19 Results; Achieves above-Plan Comp Sales Growth of 6% for Both Q4 and FY19; Exceeds Q4 EPS Expectations; Announces Plans to Increase Dividend 18% and to Buy Back $1.75 to $2.25 Billion of Stock
- Q4 above-plan consolidated comp store sales increase of 6%, over last year’s 4% increase
- Customer traffic was the primary driver of the comp sales increases at every division for Q4 and FY19
- Q4 net sales of $11.1 billion
- Q4 diluted EPS of $.68 exceeds high-end of guidance
- FY19 above-plan consolidated comp store sales increase of 6%, over last year’s 2% increase
- FY19 (52 weeks) net sales increased 9% to $39.0 billion, over the 53-week period last year
- FY19 diluted EPS of $2.43 at high-end of guidance
- Returned $3.4 billion to shareholders in Fiscal 2019 through share repurchases and dividends
- Provides FY20 Guidance
FRAMINGHAM, Mass.--(BUSINESS WIRE)--February 27, 2019--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 fourth quarter ended February 2, 2019. Net sales for the 13-week fourth quarter of Fiscal 2019 increased 2% to $11.1 billion, over the 14-week period last year. Consolidated comparable store sales increased 6% over a 4% increase in the comparable period last year ending February 3, 2018. Net income was $842 million and diluted earnings per share for the 13-week fourth quarter were $.68, versus $.69 in the prior year’s 14-week fourth quarter. Adjusted fourth quarter diluted earnings per share were $.59 versus adjusted earnings per share of $.59 in the prior year (see reconciliation below).
For the 52-week fiscal year ending February 2, 2019, net sales were $39.0 billion, a 9% increase over the 53-week period last year. Consolidated comparable store sales for Fiscal 2019 increased 6% over a 2% increase last year. Net income was $3.1 billion and diluted earnings per share for the 52-week fiscal year were $2.43, a 20% increase over $2.02 in the 53-week prior fiscal year. Adjusted Fiscal 2019 diluted earnings per share increased 9% to $2.11, versus adjusted earnings per share of $1.93 in the prior year (see reconciliation below).
Fourth Quarter and Full Year FY2019 Reconciliation of Diluted EPS to Adjusted EPS
|Fourth Quarter||Full Year|
$.66 to $.67
|$.69||$2.43||$2.41 to $2.43||$2.02|
|Net Benefit of 2017 Tax Act Items1||($.08)||($.10)||($.09)||($.34)||($.36)||($.09)|
|Benefit of Extra Week in FY2018||-||-||($.06)||-||-||($.06)|
|Sierra Impairment Charge||-||-||$.05||-||-||$.05|
|Pension Settlement Charge (Q3 FY2019)||-||-||-||$.02||$.02||-|
|Adjusted Diluted EPS2||$.59||
$.56 to $.57
$2.08 to $2.09
1FY2019 benefit is primarily due to a lower corporate tax
rate. FY2018 benefit is primarily due to the deferred tax liability
revaluation and lower corporate tax rate, net of Associate bonuses,
retirement plan contributions, and contributions to charitable
2Adjusted Diluted EPS totals may not foot due to rounding.
The following information was filed by Tjx Companies Inc (TJX) on Wednesday, February 27, 2019 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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