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The TJX Companies, Inc. Reports Above-Plan Q1 FY20 Results with Comp Sales Growth of 5% and EPS of $.57; Raises Full-Year EPS Guidance
- Consolidated comp store sales increased 5%, over last year’s 3% increase
- Customer traffic was the primary driver of the consolidated comp sales increase and was up at all four major divisions
- Net sales increased 7% to $9.3 billion
- Diluted EPS of $.57
- Increased Fiscal 2020 EPS guidance
- Returned $589 million to shareholders in the first quarter through share repurchases and dividends
- Increased the Company’s quarterly dividend by 18% in the first quarter
FRAMINGHAM, Mass.--(BUSINESS WIRE)--May 21, 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 first quarter ended May 4, 2019. Net sales for the first quarter of Fiscal 2020 increased 7% to $9.3 billion. Consolidated comparable store sales increased 5% over last year’s 3% increase. Net income for the first quarter was $700 million, and diluted earnings per share were $.57, versus the prior year’s $.56.
Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “We are very pleased with our continued strong performance in the first quarter, as both our consolidated comparable store sales increase of 5% and earnings per share of $.57 came in well above our expectations. It is terrific to see the continued strength of our largest division, Marmaxx, with an outstanding 6% comp increase. Further, Marmaxx’s apparel and home categories were both very strong. Once again this quarter, customer traffic was the primary driver of our consolidated comp increase and was up at each of our four major divisions. We believe this is a great indicator of the enduring appeal of our great values on an eclectic and exciting mix of merchandise and our treasure-hunt shopping experience, as well as the resiliency of our off-price retail model. With our above-plan first quarter results, we are raising our full-year earnings per share outlook. We are in an excellent position to take advantage of the abundant buying opportunities we are seeing in the marketplace for quality, branded merchandise and to keep flowing fresh, exciting assortments to our stores and online. We have many initiatives underway to keep driving sales and customer traffic, and feel great about our ability to continue gaining market share around the world!”
The following information was filed by Tjx Companies Inc (TJX) on Tuesday, May 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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