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The TJX Companies, Inc. Sees Strong Momentum Continue; Reports Above-Plan Third Quarter EPS Growth; Raises Full-Year Guidance

Stocks in this article: TJX

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 third quarter ended October 27, 2012. Net sales for the third quarter of Fiscal 2013 increased 11% to $6.4 billion and consolidated comparable store sales increased 7%. Net income for the third quarter was $462 million and diluted earnings per share were $.62, a 17% increase over $.53 per share last year.

For the first nine months of Fiscal 2013, net sales were $18.2 billion, a 10% increase over last year, and consolidated comparable store sales increased 8% over the same period last year. Net income was $1.3 billion, and diluted earnings per share were $1.73 compared to $1.31 in the same period last year. Last year’s results include a number of items (detailed under “Items Impacting Comparability” below) that impacted the comparability of earnings per share. Excluding these items, diluted earnings per share for the first nine months of Fiscal 2013 increased 26% over the adjusted $1.37 last year.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., commenting first on Hurricane Sandy, stated, “On behalf of everyone at TJX, I'd like to express how sorry we are for the suffering so many are experiencing due to Hurricane Sandy. Our hearts go out to our Associates, friends, families and business associates who have been impacted by this storm. TJX has made a substantial donation to the American Red Cross Disaster Relief Fund and we held a major fundraising event in our U.S. stores with a match from our Company. We sincerely hope that our efforts will help those impacted by this natural disaster.”

Regarding the Company's results, Meyrowitz commented, “We are extremely pleased that our strong momentum continued in the third quarter, demonstrating once again the power of TJX to post strong sales and profit margin gains on top of strong year-over-year comparisons. Our 17% increase in earnings per share and 7% consolidated comparable store sales growth both significantly exceeded our original expectations and every division delivered excellent performance. Customer traffic was up at all divisions in the U.S., Canada and Europe and drove the comparable store sales increases, which we believe is a great indicator of the staying power of our value proposition on exciting fashions and brands. At this time, we are raising our full-year guidance.”

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