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 fiscal year and fourth quarter ended January 28, 2012. All earnings per share figures reflect the Company’s recent two-for-one stock split.
Net sales for the 52-week fiscal year were $23.2 billion, a 6% increase over last year. Consolidated comparable store sales for the year increased 4% over the prior year’s 4% increase. Income from continuing operations for the 52-week fiscal year was $1.5 billion, and diluted earnings per share from continuing operations were $1.93. A number of items (detailed under “Items Impacting Comparability” below) impacted the comparability of earnings per share for both periods. Excluding these items, adjusted diluted earnings per share from continuing operations for the fiscal year were $1.99, a 14% increase over the adjusted $1.75 in the prior year.
For the 13-week fourth quarter ended January 28, 2012, net sales were $6.7 billion, a 6% increase over the prior year. Consolidated comparable store sales for the quarter increased 7% over the prior year. Income from continuing operations for the fourth quarter was $475 million, and diluted earnings per share from continuing operations were $.62. An item (detailed under “Items Impacting Comparability” below) impacted the comparability of earnings per share. Excluding this item, the $.62 in diluted earnings per share for the fourth quarter represents a 17% increase over the adjusted $.53 in the prior year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “I am extremely proud of our performance in 2011, which marked another great year for TJX and underscores the power of our flexible business model to perform in almost any kind of economic environment. Consolidated comps increased 4% on top of 4% and 6% increases in the two prior years, respectively, and earnings grew substantially over significant growth in each of the past two years. Above all, we delivered extraordinary values on ever-changing assortments of current fashions and brands to consumers, and ended the year with significant gains in customer traffic. We enter a new fiscal year with considerable momentum in our business and are off to a very strong start in 2012. With favorable weather patterns in February, comp store sales are trending toward a 7% increase for the month. We believe our values separate us from other retailers and will continue to draw more customers to our stores. Inventories are lean as we begin the year, which positions us very well to flow fresh spring merchandise to our stores. Importantly, we are very proud of our ability to simultaneously make significant investments in the future growth of our business while continuing to deliver on our sales and earnings expectations. I am optimistic about our near-term abilities and remain very confident in our long-term vision to grow TJX to a $40 billion company and beyond.”
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