TJX Cos posted a strong finish to its fiscal year with comparable sales and earnings gaining during the fourth quarter to top Wall Street expectations.
Net income was $1.4 billion, or $1.23 per diluted share, versus $1.4 billion, or $1.22 per diluted share, in the year-earlier period. In the prior-year period, TJX posted an adjustment to diluted earnings per share, which reduced the figure to $1.12, the company pointed out.
A Zacks Investment Research fourth quarter analyst consensus estimate was for earnings of $1.16 per diluted share and revenues of $16.19 billion.
Comparable sales gained 5% for the quarter year over year, with Marmaxx, including T.J. Maxx and Marshalls, up 4%, HomeGoods up 5%, TJX Canada up 10% and TJX International up 7%. Net sales were $16.35 billion versus $16.41 billion in the year-before period.
For the full fiscal year, net income was $4.86 billion, or $4.26 per diluted share, versus $4.47 billion, or $3.86 per diluted share, in the year earlier. Net sales were $56.36 billion versus $54.22 billion in the year before with company comps up 4%.
TJX grew its store count for the year, with HomeGoods gaining from 919 locations to 943 and Homesense increasing from 55 to 72 locations.
Ernie Herrman, TJX president and CEO, said, “We delivered outstanding top- and bottom-line results that exceeded our guidance for the year. We surpassed $56 billion in annual sales, drove a 4% comparable-store sales increase, significantly increased profitability and opened our 5,000th store during the year. Further, each of our divisions saw strong, consistent full-year comp store sales growth of 4% or above. Our fourth-quarter sales, profitability and earnings per share were all well above our expectations. I am particularly pleased that our overall comp store sales growth of 5% for the quarter was due to strong increases in comp sales and customer transactions at every division.”
