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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 February 1, 2014.
Net sales for the 52-week fiscal year were $27.4 billion, a 6% increase over the 53-week fiscal period last year. Consolidated comparable store sales increased 3% on a 52-week comparable basis. Net income for the 52-week fiscal year was $2.1 billion, and diluted earnings per share were $2.94, a 15% increase over $2.55 last year. Excluding a third quarter tax benefit of $.11 per share, adjusted diluted earnings per share were $2.83, a 15% increase over the prior year’s adjusted earnings per share of $2.47, which excludes the approximately $.08 benefit from the 53
rd week in Fiscal 2013.
For the 13-week fourth quarter ended February 1, 2014, net sales were $7.8 billion, a 1% increase over the 14-week prior-year period. Consolidated comparable store sales increased 3% over the prior year on a 13-week comparable basis. Net income was $582 million and diluted earnings per share were $.81 compared with last year’s $.82 per share. Diluted earnings per share increased 9% over last year’s adjusted $.74, which excludes the approximately $.08 benefit from the extra week in the fourth quarter of Fiscal 2013.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “The year 2013 was another successful year for TJX, on top of many great years. We achieved EPS growth of 15% over last year’s adjusted 24% increase, and consolidated comp sales increased 3% over last year’s 7% increase. In the U.S., Marmaxx and HomeGoods continued their excellent, consistent performance. We also successfully launched
tjmaxx.com, which, along with the smooth transition of Sierra Trading Post into TJX, gives more consumers the ability and convenience to shop our great values 24 hours a day, seven days a week. TJX Canada was in line with our plan for the year and continued to expand Marshalls across that country. TJX Europe delivered another outstanding year, and we could not be more excited about our international growth opportunities! We delivered these results in a competitive retail environment and despite generally unfavorable weather in many of our regions during the first and fourth quarters. We believe this speaks to the resiliency and flexibility of our off-price model, as we exceeded our long-term plan of 10% to 13% compound annual EPS growth for the fifth consecutive year.”
Meyrowitz continued, “We begin a new fiscal year in an excellent position to pursue our near- and long-term opportunities. Our inventories are extremely lean, which affords us enormous flexibility to buy into the plentiful opportunities we see in the marketplace for branded merchandise. We have many exciting initiatives planned this year, and above all, will continue to offer consumers amazing values on great fashions and brands! As we approach $30 billion in annual sales, we continue to see tremendous global growth potential for TJX. Our management team is laser focused on executing on our top- and bottom-line growth opportunities and passionate about surpassing our goals. I am as confident as ever in our ability to keep driving profitable sales, while investing in our future growth, as we continue on the road to becoming a $40 billion company and beyond!”