The TJX Companies, Inc. Sees Strong Momentum Continue; Reports Above-Plan Third Quarter FY14 Results With 5% Comp Sales Growth And 21% Adjusted EPS Increase; Raises Full-Year Guidance
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 November 2, 2013.
Net sales for the third quarter of Fiscal 2014 increased 9% to $7.0 billion, and consolidated comparable store sales increased 5% over last year’s reported 7% increase. Net income for the third quarter was $623 million. Third quarter diluted earnings per share were $.86, compared with last year’s $.62 per share. Excluding a previously announced third quarter tax benefit of $.11 per share due to reversals of state, federal, and foreign tax reserves and allowances, adjusted diluted earnings per share were $.75, a 21% increase over the prior year.
For the first nine months of Fiscal 2014, net sales were $19.6 billion, an 8% increase over last year, and consolidated comparable store sales increased 3% over last year’s reported 8% increase. Net income was $1.6 billion and diluted earnings per share were $2.14 compared with $1.73 in the same period last year. Excluding the third quarter tax benefit (referred to above), adjusted diluted earnings per share were $2.03, a 17% increase over the prior year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are very pleased that our strong momentum continued in the third quarter. Our 21% increase in adjusted earnings per share and 5% consolidated comparable store sales growth were both well above our original plan and achieved over strong comparisons last year. We believe these robust results demonstrate, once again, our ability to succeed in all types of economic and retail environments. We are raising our full-year guidance to reflect our third quarter performance. The fourth quarter is off to a good start and we see exciting opportunities for this holiday selling season: we have great initiatives planned and will be shipping fresh gift-giving selections to our stores throughout the holiday season; we expect our marketing campaigns will be seen by more people than ever before; and as always, we will be offering consumers extreme values on great fashions and brands! Longer term, we see tremendous potential ahead for TJX, and we remain very confident in our ability to continue driving substantial top- and bottom-line growth.”
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