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The TJX Companies, Inc. Reports Above-Plan Adjusted Earnings Per Share In Q2 FY15; Raises Full-Year Adjusted EPS 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 second quarter ended August 2, 2014. Net sales for the second quarter of Fiscal 2015 increased 7% to $6.9 billion, and consolidated comparable store sales increased 3% over last year’s reported 4% increase. Net income for the second quarter was $518 million and diluted earnings per share were $.73. Excluding a debt extinguishment charge of $.02 per share, adjusted diluted earnings per share were $.75, a 14% increase over the prior year.

For the first half of Fiscal 2015, net sales were $13.4 billion, a 6% increase over last year. Consolidated comparable store sales for the first half of Fiscal 2015 increased 2% over last year’s reported 3% increase. Net income for the first half of Fiscal 2015 was $972 million and diluted earnings per share were $1.37. Excluding the second quarter debt extinguishment charge, which rounded to a $.01 per share impact for the first half of Fiscal 2015, adjusted diluted earnings per share were $1.38, an 8% increase over last year’s $1.28.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “I am very pleased with our second quarter performance. Consolidated comp store sales were up 3% over 4% growth last year, at the high end of our plan, and adjusted earnings per share of $.75 were up 14% over last year’s 18% increase, exceeding our expectations. Our customer traffic gained momentum throughout the quarter, and was positive in July. Further, we are pleased with our solid merchandise margins as well as the improved performance of our apparel businesses. We are now raising our full year adjusted earnings per share guidance to reflect our above-plan second quarter results. The third quarter is off to a solid start and we are excited about our opportunities for the second half of the year. We entered the third quarter in an excellent inventory position and see plentiful opportunities for great brands in the marketplace. We are raising the bar on our marketing campaigns and gift-giving initiatives, which I believe are going to be even better than last year, and above all, we will be bringing consumers amazing values! We are very confident in our ability to deliver another strong year, on top of many, as we continue on the path to being a $40 billion-plus company.”

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