- Q3 FY24 overall comp store sales increased 6%, well above
the Company’s plan, and were entirely driven by customer
traffic
- Q3 FY24 comp store sales increased 7% at Marmaxx and
increased 9% at HomeGoods; both comp store sales increases were
entirely driven by customer traffic
- Q3 FY24 pretax profit margin was 12.0%, up 0.8 percentage
points versus last year and above the Company’s plan
- Q3 FY24 diluted earnings per share were $1.03, above the
Company’s expectations; diluted earnings per share were up 13%
versus last year’s $.91, and up 20% versus last year’s adjusted
diluted earnings per share of $.86
- Returned $1.0 billion to shareholders in Q3 FY24 through
share repurchases and dividends
- Increases outlook for FY24 overall comp store sales and
diluted earnings per share
The TJX Companies, Inc. (NYSE: TJX), the leading off-price
apparel and home fashions retailer in the U.S. and worldwide, today
announced sales and operating results for the third quarter ended
October 28, 2023. Net sales for the third quarter of Fiscal 2024
were $13.3 billion, an increase of 9% versus the third quarter of
Fiscal 2023. Overall comp store sales increased 6%. Net income for
the third quarter of Fiscal 2024 was $1.2 billion and diluted
earnings per share were $1.03, up 13% versus $.91 in the third
quarter of Fiscal 2023. Third quarter Fiscal 2024 diluted earnings
per share were up 20% versus last year’s third quarter adjusted
diluted earnings per share of $.86, which excluded a $.05 tax
benefit related to the divestiture of the Company’s minority
investment in Familia. In the third quarter of Fiscal 2024, the
Company closed its HomeGoods e-commerce business, which was not
contemplated in the Company’s guidance and negatively impacted
diluted earnings per share by approximately $.03. Third quarter
Fiscal 2024 diluted earnings per share also included an unplanned
benefit of approximately $.03 from the timing of certain expenses
which the Company expects will reverse out in the fourth quarter of
Fiscal 2024.
For the first nine months of Fiscal 2024, net sales were $37.8
billion, an increase of 7% versus the first nine months of Fiscal
2023. Overall comp store sales for the first nine months of Fiscal
2024 increased 5%. Net income for the first nine months of Fiscal
2024 was $3.1 billion. For the first nine months of Fiscal 2024,
diluted earnings per share were $2.65, up 27% versus $2.08 in the
first nine months of Fiscal 2023. For the first nine months of
Fiscal 2024, diluted earnings per share were up 19% versus adjusted
diluted earnings per share of $2.22 in the first nine months of
Fiscal 2023, which excluded a $.14 net-of-tax charge related to a
write-down and the divestiture of the Company’s minority investment
in Familia.
CEO and President
Comments
Ernie Herrman, Chief Executive Officer and President of The TJX
Companies, Inc., stated, “I am extremely pleased with our third
quarter performance and strong execution of our teams as our comp
store sales, pretax profit margin, and earnings per share all
exceeded our expectations. I am particularly pleased with the
results at our Marmaxx and HomeGoods divisions, which delivered
terrific comp sales increases entirely driven by customer traffic.
Customer traffic was up across all divisions, our overall apparel
sales remained very strong, and home sales were outstanding and
accelerated sequentially versus the second quarter. Across our
geographies and wide customer demographic, our values and exciting,
treasure-hunt shopping experience continued to resonate with
consumers. With our above-plan results in the third quarter, we are
raising our full year guidance for comp store sales and earnings
per share. The fourth quarter is off to a strong start, and we are
pursuing the plentiful deals we are seeing for great brands and
great fashions in the marketplace. We are strongly positioned as a
shopping destination for gifts this holiday selling season and are
convinced that our values and fresh shipments to our stores and
online throughout the season will be a major draw again this year.
Going forward, we continue to see excellent opportunities to grow
sales and customer traffic, capture market share, and drive the
profitability of our Company.”
Comparable Store Sales (FY2024 and
FY2023) and Open-Only Comparable Store Sales
(FY2022)
The Company’s comparable store sales by division in the third
quarter of Fiscal 2024 and Fiscal 2023, and open-only comparable
store sales by division in the third quarter of Fiscal 2022 were as
follows:
Third Quarter FY2024
Comparable Store Sales1
Third Quarter FY2023
U.S. Comparable Store Sales1
Third Quarter
FY2022 Open-Only Comparable Store Sales1,2
Marmaxx (U.S.)3
+7%
+3%
+11%
HomeGoods (U.S.)4
+9%
-16%
+34%
TJX Canada
+3%
N.A.
+8%
TJX International (Europe &
Australia)
+1%
N.A.
+10%
TJX
+6%
N.A.
+14%
1Comparable store sales exclude e-commerce
sites (tjmaxx.com, marshalls.com, homegoods.com, sierra.com,
tkmaxx.com, tkmaxx.de, and tkmaxx.at). See Comparable Store Sales,
below, for further detail on these measures. 2This measure reports
the sales increase or decrease of stores classified as comp stores
at the beginning of Fiscal 2021 for the days they were open in the
third quarter of Fiscal 2022 against sales of those stores for the
same days in Fiscal 2020, prior to the emergence of the COVID-19
global pandemic. 3Combination of Marmaxx (T.J. Maxx and Marshalls)
stores and Sierra stores. 4Combination of HomeGoods and Homesense
stores.
Net Sales by Division
The Company’s net sales by division in the third quarter of
Fiscal 2024 and Fiscal 2023 were as follows:
Third Quarter Net Sales ($
in millions)1,2
Third Quarter FY2024
Reported Sales Growth
Third Quarter FY2024 Sales
Growth on a Constant Currency Basis3
FY2024
FY2023
Marmaxx (U.S.)4
$8,107
$7,455
+9%
N.A.
HomeGoods (U.S.)5
$2,208
$1,948
+13%
N.A.
TJX Canada
$1,317
$1,285
+2%
+5%
TJX International (Europe &
Australia)6
$1,633
$1,479
+10%
+3%
TJX
$13,265
$12,167
+9%
+8%
1Net sales in TJX Canada and TJX
International include the impact of foreign currency exchange
rates. 2Figures may not foot due to rounding. 3Reflects net sales
adjusted for the impact of foreign currency; see Impact of Foreign
Currency Exchange Rates, below. 4Combination of T.J. Maxx and
Marshalls stores and tjmaxx.com and marshalls.com, as well as
Sierra stores and sierra.com. 5Combination of HomeGoods and
Homesense stores, and homegoods.com (which closed online shopping
during the third quarter of FY2024). 6Combination of T.K. Maxx and
Homesense stores, as well as tkmaxx.com, tkmaxx.de, and
tkmaxx.at.
Margins
For the third quarter of Fiscal 2024, the Company’s pretax
profit margin was 12.0%, above the Company’s plan and 0.8
percentage points above last year’s third quarter pretax profit
margin of 11.2%. The Company’s pretax profit margin was above its
plan primarily due to expense leverage on the Company’s above-plan
sales and an approximately 0.4 percentage point benefit from the
timing of certain expenses. The Company expects this unplanned
benefit from the timing of expenses will reverse out in the fourth
quarter of Fiscal 2024. The closing of HomeGoods’ e-commerce
business was not contemplated in the Company’s guidance and had an
approximately 0.3 percentage point negative impact to third quarter
Fiscal 2024 pretax profit margin.
Gross profit margin for the third quarter of Fiscal 2024 was
31.1%, a 2.0 percentage point increase versus the third quarter of
Fiscal 2023. This increase was driven by a higher merchandise
margin due to a significant benefit from lower freight costs as
well as expense leverage on the Company’s above-plan sales.
Selling, general and administrative (SG&A) costs as a
percent of sales for the third quarter of Fiscal 2024 were 19.4%, a
1.4 percentage point increase versus the third quarter of Fiscal
2023. This increase was primarily due to incremental store wage and
payroll costs, higher incentive compensation accruals, and
approximately 0.3 percentage points of costs from closing
HomeGoods’ e-commerce business.
Net interest income benefitted third quarter Fiscal 2024 pretax
profit margin by 0.3 percentage points versus the prior year.
Impact of Foreign Currency Exchange
Rates
Changes in foreign currency exchange rates affect the
translation of sales and earnings of the Company’s international
businesses into U.S. dollars for financial reporting purposes. In
addition, ordinary course, inventory-related hedging instruments
are marked to market at the end of each quarter. Changes in
currency exchange rates can have a material effect on the magnitude
of these translations and adjustments when there is significant
volatility in currency exchange rates. Given the global operations
of the Company, to facilitate comparability, the Company has
provided sales growth and inventory on a constant currency basis,
which assumes a constant exchange rate between periods for
translation based on the rate in effect for the prior period.
The movement in foreign currency exchange rates had a one
percentage point positive impact on the Company’s net sales growth
in the third quarter of Fiscal 2024 versus the prior year. The
overall net impact of foreign currency exchange rates had a $.02
positive impact on third quarter Fiscal 2024 diluted earnings per
share.
The movement in foreign currency exchange rates had a one
percentage point positive impact on the Company’s net sales growth
in the first nine months of Fiscal 2024 versus the prior year. The
overall net impact of foreign currency exchange rates had a $.01
positive impact on the first nine months of Fiscal 2024 diluted
earnings per share.
A table detailing the impact of foreign currency on TJX’s net
sales, pretax earnings, and margins, as well as those of its
international businesses, can be found in the Investors section of
TJX.com.
The foreign currency exchange rate impact to diluted earnings
per share does not include the impact currency exchange rates have
on various transactions, which the Company refers to as
“transactional foreign exchange.”
Inventory
Total inventories as of October 28, 2023 were $8.3 billion,
compared to $8.3 billion at the end of third quarter Fiscal 2023.
Consolidated inventories on a per-store basis as of October 28,
2023, including distribution centers, but excluding inventory in
transit, the Company’s e-commerce sites, and Sierra stores, were
flat on both a reported and constant currency basis. Constant
currency basis reflects inventory adjusted for the impact of
foreign currency exchange rates, if any, as described above. The
Company is in a great position to take advantage of an outstanding
marketplace that is loaded with quality, branded goods and deliver
an ever-changing assortment of exciting gifts to its stores and
online throughout this holiday season.
Cash and Shareholder
Distributions
For the third quarter of Fiscal 2024, the Company generated $1.2
billion of operating cash flow and ended the quarter with $4.3
billion of cash.
During the third quarter of Fiscal 2024, the Company returned
$1.0 billion to shareholders. The Company repurchased a total of
$650 million of TJX stock, retiring 7.2 million shares, and paid
$380 million in shareholder dividends during the quarter. During
the first nine months of Fiscal 2024, the Company returned a total
of $2.8 billion to shareholders, which includes repurchasing a
total of $1.7 billion of TJX stock, retiring 20.4 million shares,
and paying $1.1 billion in shareholder dividends.
The Company now expects to repurchase approximately $2.25 to
$2.5 billion of TJX stock during the fiscal year ending February 3,
2024. The Company may adjust this amount up or down depending on
various factors. The Company remains committed to returning cash to
its shareholders while continuing to invest in the business to
support the near- and long-term growth of TJX.
Pension Payout Offer
In the second quarter of Fiscal 2024, the Company offered
eligible, former TJX Associates who had not yet commenced their
pension benefit an opportunity to receive a voluntary lump sum
payment of their vested pension plan benefit. At the end of the
offer period, the payout amount, based on participation rate, did
not meet the threshold to record a non-cash settlement charge.
Therefore, the Company does not have measures excluding that charge
to provide in the third quarter of Fiscal 2024, as it had
previously expected.
Fourth Quarter and Full Year Fiscal
2024 Outlook
For the fourth quarter of Fiscal 2024, the Company continues to
expect overall comparable store sales to be up 3% to 4%. The
Company now expects pretax profit margin to be in the range of
10.4% to 10.6% and diluted earnings per share to be in the range of
$1.07 to $1.10. The Company’s fourth quarter Fiscal 2024 outlook
includes an expected pretax profit margin benefit of approximately
0.4 percentage points and a diluted earnings per share benefit of
approximately $.10 due to the extra week in the Company’s fourth
quarter Fiscal 2024 calendar. Excluding these expected benefits,
the Company is now expecting fourth quarter Fiscal 2024 adjusted
pretax profit margin to be in the range of 10.0% to 10.2% and
adjusted diluted earnings per share to be in the range of $.97 to
$1.00. The Company’s fourth quarter Fiscal 2024 outlook now
includes a negative 0.4 percentage point impact to adjusted pretax
profit margin and a negative $.03 impact to diluted earnings per
share from the expected reversal of the third quarter Fiscal 2024
benefit from the timing of expenses.
For the fiscal year ending February 3, 2024, the Company is now
expecting overall comparable store sales to be up 4% to 5%. For the
53-week fiscal year ending February 3, 2024, the Company expects
pretax profit margin to be approximately 10.8% and is increasing
its outlook for diluted earnings per share to be in the range of
$3.71 to $3.74. The Company’s full-year guidance includes an
expected pretax profit margin benefit of approximately 0.1
percentage point and a diluted earnings per share benefit of
approximately $.10 due to the 53rd week in the Company’s Fiscal
2024 calendar. Excluding these expected benefits, the Company
expects full-year Fiscal 2024 adjusted pretax profit margin to be
approximately 10.7% and now expects adjusted diluted earnings per
share to be in the range of $3.61 to $3.64.
Stores by Concept
During the third quarter ended October 28, 2023, the Company
increased its store count by 50 stores to a total of 4,934 stores
and increased square footage by 1% versus the prior quarter.
Store Locations1
Gross Square Feet2
Third Quarter FY2024
Third Quarter FY2024
(in millions)
Beginning
End
Beginning
End
In the U.S.:
T.J. Maxx
1,305
1,317
35.4
35.6
Marshalls
1,190
1,196
33.6
33.7
HomeGoods
907
914
21.1
21.3
Sierra
83
90
1.7
1.8
Homesense
49
54
1.3
1.4
In Canada:
Winners
299
302
8.1
8.2
HomeSense
154
157
3.6
3.7
Marshalls
106
106
2.8
2.8
In Europe:
T.K. Maxx
636
641
17.7
17.8
Homesense
79
79
1.5
1.5
In Australia:
T.K. Maxx
76
78
1.6
1.7
TJX
4,884
4,934
128.4
129.5
1Store counts above include both banners
within a combo or a superstore. 2Square feet figures may not foot
due to rounding.
Comparable Store Sales
For Fiscal 2023 and 2024, the Company returned to its historical
definition of comparable store sales. However, while stores in the
U.S. were open for all of Fiscal 2022, a significant number of
stores in TJX Canada and TJX International (Europe and Australia)
experienced COVID-related temporary store closures and
government-mandated shopping restrictions during Fiscal 2022.
Therefore, in Fiscal 2023, the Company could not measure
year-over-year comparable store sales with Fiscal 2022 in these
geographies in a meaningful way. As a result, the comparable stores
included in the Fiscal 2023 measure consisted of U.S. stores only,
which, for clarity, the Company referred to as U.S. comparable
store sales and were calculated against sales for the comparable
periods in Fiscal 2022. For Fiscal 2022, due to the temporary
closing of stores as a result of the COVID-19 global pandemic, the
Company reported open-only comparable store sales. This measure
reported the sales increase or decrease of stores initially
classified as comp stores at the beginning of Fiscal 2021 for the
days they were open in Fiscal 2022 against sales of those stores
for the same days in Fiscal 2020. Comparable store sales for a
category such as home or apparel include sales from merchandise
within such category combined across all divisions at the stores
that fall within the Company’s definition of comparable stores for
such period.
Global Corporate Responsibility
Report
The Company issued its 2023 Global Corporate Responsibility
Report during the third quarter of Fiscal 2024. The report,
covering the Company’s programs and progress within the Company’s
four reporting areas of workplace, communities, environmental
sustainability, and responsible business, is available on
TJX.com.
As part of the Company’s voluntary corporate responsibility
disclosure, the report also includes greenhouse gas (GHG) emissions
and other corporate responsibility-related data tables, as well as
an index for select metrics from the Sustainability Accounting
Standards Board (SASB) and the United Nations Sustainable
Development Goals (UN SDGs).
TJX has been reporting on its corporate responsibility efforts
since 2011 and through this work, strives to make a meaningful
impact on the world, reflecting its core values of honesty,
integrity, and treating each other with dignity and respect. To
learn more about the Company’s efforts, please visit
TJX.com/responsibility.
About The TJX Companies,
Inc.
The TJX Companies, Inc. is the leading off-price retailer of
apparel and home fashions in the U.S. and worldwide. As of October
28, 2023, the end of the Company’s third quarter, the Company
operated a total of 4,934 stores in nine countries, the United
States, Canada, the United Kingdom, Ireland, Germany, Poland,
Austria, the Netherlands, and Australia, and six e-commerce sites.
These include 1,317 T.J. Maxx, 1,196 Marshalls, 914 HomeGoods, 90
Sierra, and 54 Homesense stores, as well as tjmaxx.com,
marshalls.com, and sierra.com, in the United States; 302 Winners,
157 HomeSense, and 106 Marshalls stores in Canada; 641 T.K. Maxx
and 79 Homesense stores, as well as tkmaxx.com, tkmaxx.de, and
tkmaxx.at in Europe; and 78 T.K. Maxx stores in Australia. TJX’s
press releases and financial information are available at
TJX.com.
Third Quarter Fiscal 2024 Earnings
Conference Call
At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer
and President of TJX, will hold a conference call to discuss the
Company’s third quarter Fiscal 2024 results, operations, and
business trends. A real-time webcast of the call will be available
to the public at TJX.com. A replay of the call will also be
available by dialing (866) 367-5577 (toll free) or (203) 369-0233
through Tuesday, November 21, 2023, or at TJX.com.
Non-GAAP Financial
Information
The Company has used non-GAAP financial measures in this press
release. Non-GAAP financial measures refer to financial information
adjusted to exclude or include, as applicable, from financial
measures prepared in accordance with accounting principles
generally accepted in the United States (GAAP), items identified in
this press release. Non-GAAP financial measures used in this press
release include sales growth on a constant currency basis,
inventory on a constant currency basis, adjusted pretax profit
margin, and adjusted diluted earnings per share. The Company
believes that the presentation of adjusted financial measures is
useful to investors as it provides additional information on
comparisons between periods by excluding certain items that affect
overall comparability. The Company uses these non-GAAP financial
measures for business planning purposes, to consider underlying
trends of its business, and in measuring its performance relative
to others in the market, and believes presenting these measures
also provides information to investors and others for understanding
and evaluating trends in the Company’s operating results or
measuring performance in the same manner as the Company’s
management. Non-GAAP financial measures should be considered in
addition to, and not as an alternative for, the Company’s reported
results prepared in accordance with GAAP. The use of these non-GAAP
financial measures may differ from similar measures reported by
other companies and may not be comparable to other similarly titled
measures.
Important Information at
Website
Archived versions of the Company’s conference calls are
available in the Investors section of TJX.com after they are no
longer available by telephone, as are reconciliations of non-GAAP
financial measures to GAAP financial measures and other financial
information. The Company routinely posts information that may be
important to investors in the Investors section at TJX.com. The
Company encourages investors to consult that section of its website
regularly.
Forward-looking
Statement
Various statements made in this release are forward-looking, and
are inherently subject to a number of risks and uncertainties. All
statements that address activities, events or developments that we
intend, expect or believe may occur in the future are
forward-looking statements, including, among others, statements
regarding the Company’s anticipated operating and financial
performance, business plans and prospects, dividends and share
repurchases, fourth quarter and Fiscal 2024 outlook. These
statements are typically accompanied by the words “aim,”
“anticipate,” “aspire,” “believe,” “continue,” “could,” “should,”
“estimate,” “expect,” “forecast,” “goal,” “hope,” “intend,” “may,”
“plan,” “project,” “potential,” “seek,” “strive,” “target,” “will,”
“would,” or similar words, although not all forward-looking
statements contain these identifying words. Each forward-looking
statement is subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements. Applicable risks and
uncertainties include, among others, execution of buying strategy
and inventory management; customer trends and preferences;
competition; various marketing efforts; operational and business
expansion; management of large size and scale; COVID-19 or other
public health and public safety issues that affect our operations
and consumers; merchandise sourcing and transport; data security
and maintenance and development of information technology systems;
labor costs and workforce challenges; personnel recruitment,
training and retention; corporate and retail banner reputation;
evolving corporate governance and public disclosure regulations and
expectations with respect to environmental, social and governance
matters; expanding international operations; fluctuations in
quarterly operating results and market expectations; inventory or
asset loss; cash flow; mergers, acquisitions, or business
investments and divestitures, closings or business consolidations;
real estate activities; economic conditions and consumer spending;
market instability; severe weather, serious disruptions or
catastrophic events; disproportionate impact of disruptions in the
remainder of the fiscal year; commodity availability and pricing;
fluctuations in currency exchange rates; compliance with laws,
regulations and orders and changes in laws, regulations and
applicable accounting standards; outcomes of litigation, legal
proceedings and other legal or regulatory matters; quality, safety
and other issues with our merchandise; tax matters; and other
factors that may be described in our filings with the Securities
and Exchange Commission (the “SEC”), including our most recent
Annual Report on Form 10-K filed with the SEC. You are encouraged
to read our filings with the SEC, available at www.sec.gov, for a
discussion of these and other risks and uncertainties. We caution
investors, potential investors and others not to place considerable
reliance on the forward-looking statements contained in this
release. The forward-looking statements in this release speak only
as of the date of this release, and we do not undertake any
obligation to publicly update or revise our forward-looking
statements, even if experience or future changes make it clear that
any projected results expressed or implied in such statements will
not be realized.
The TJX Companies, Inc. and
Consolidated Subsidiaries
Financial Summary
(Unaudited)
(In Millions Except Per Share
Amounts)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 28, 2023
October 29, 2022
October 28, 2023
October 29, 2022
Net sales
$
13,265
$
12,167
$
37,806
$
35,416
Cost of sales, including buying and
occupancy costs
9,139
8,624
26,423
25,418
Selling, general and administrative
expenses
2,578
2,185
7,375
6,454
Impairment on equity investment
—
—
—
218
Interest (income) expense, net
(41
)
(1
)
(116
)
29
Income before income taxes
1,589
1,359
4,124
3,297
Provision for income taxes
398
296
1,053
837
Net income
$
1,191
$
1,063
$
3,071
$
2,460
Diluted earnings per share
$
1.03
$
0.91
$
2.65
$
2.08
Cash dividends declared per share
$
0.3325
$
0.295
$
0.9975
$
0.885
Weighted average common shares –
diluted
1,158
1,172
1,161
1,180
The TJX Companies, Inc. and
Consolidated Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
October 28, 2023
October 29, 2022
Assets:
Current assets:
Cash and cash equivalents
$
4,290
$
3,365
Accounts receivable and other current
assets
1,231
1,295
Merchandise inventories
8,285
8,329
Total current assets
13,806
12,989
Net property at cost
6,262
5,573
Operating lease right of use assets
9,289
8,986
Goodwill
94
95
Other assets
900
785
Total assets
$
30,351
$
28,428
Liabilities and shareholders' equity:
Current liabilities:
Accounts payable
$
5,425
$
4,993
Accrued expenses and other current
liabilities
4,533
4,167
Current portion of operating lease
liabilities
1,682
1,574
Current portion of long-term debt
—
500
Total current liabilities
11,640
11,234
Other long-term liabilities
908
906
Non-current deferred income taxes, net
133
74
Long-term operating lease liabilities
7,976
7,691
Long-term debt
2,861
2,858
Shareholders’ equity
6,833
5,665
Total liabilities and shareholders'
equity
$
30,351
$
28,428
The TJX Companies, Inc. and
Consolidated Subsidiaries
Condensed Statements of Cash
Flows
(Unaudited)
(In Millions)
Thirty-Nine Weeks Ended
October 28, 2023
October 29, 2022
Cash flows from operating activities:
Net income
$
3,071
$
2,460
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
712
656
Impairment on equity investment
—
218
Deferred income tax provision
13
35
Share-based compensation
114
95
Changes in assets and liabilities:
(Increase) in accounts receivable and
other assets
(19
)
(141
)
(Increase) in merchandise inventories
(2,528
)
(2,545
)
(Increase) in income taxes recoverable
(17
)
(28
)
Increase in accounts payable
1,666
647
Increase (decrease) in accrued expenses
and other liabilities
156
(340
)
Increase in net operating lease
liabilities
75
2
Other, net
14
0
Net cash provided by operating
activities
3,257
1,059
Cash flows from investing activities:
Property additions
(1,280
)
(1,100
)
Purchase of investments
(22
)
(26
)
Sales and maturities of investments
21
16
Net cash (used in) investing
activities
(1,281
)
(1,110
)
Cash flows from financing activities:
Repayment of debt
(500
)
—
Payments for repurchase of common
stock
(1,687
)
(1,800
)
Cash dividends paid
(1,105
)
(998
)
Proceeds from issuance of common stock
203
115
Other
(29
)
(32
)
Net cash (used in) financing
activities
(3,118
)
(2,715
)
Effect of exchange rate changes on
cash
(45
)
(96
)
Net (decrease) in cash and cash
equivalents
(1,187
)
(2,862
)
Cash and cash equivalents at beginning of
year
5,477
6,227
Cash and cash equivalents at end of
period
$
4,290
$
3,365
The TJX Companies, Inc. and
Consolidated Subsidiaries
Selected Information by Major
Business Segment
(Unaudited)
(In Millions)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 28, 2023
October 29, 2022
October 28, 2023
October 29, 2022
Net sales:
In the United States:
Marmaxx
$
8,107
$
7,455
$
23,376
$
21,562
HomeGoods
2,208
1,948
6,185
5,840
TJX Canada
1,317
1,285
3,578
3,615
TJX International
1,633
1,479
4,667
4,399
Total net sales
$
13,265
$
12,167
$
37,806
$
35,416
Segment profit:
In the United States:
Marmaxx
$
1,134
$
1,003
$
3,246
$
2,840
HomeGoods
228
172
547
344
TJX Canada
223
204
532
528
TJX International
88
98
158
216
Total segment profit
1,673
1,477
4,483
3,928
General corporate expense
125
119
475
384
Impairment on equity investment
—
—
—
218
Interest (income) expense, net
(41
)
(1
)
(116
)
29
Income before income taxes
$
1,589
$
1,359
$
4,124
$
3,297
The TJX Companies, Inc. and Consolidated
Subsidiaries Notes to Consolidated Condensed Statements
- During the third quarter ended October 28, 2023, the Company
returned $1.0 billion to shareholders, repurchasing and retiring
7.2 million shares of its common stock at a cost of $650 million on
a "trade date" basis and paying $380 million in shareholder
dividends. During the nine months ended October 28, 2023, the
Company returned $2.8 billion to shareholders, repurchasing and
retiring 20.4 million shares of its common stock at a cost of $1.7
billion on a "trade date" basis and paying $1.1 billion in
shareholder dividends. In February 2023, the Company announced that
the Board of Directors had approved a new stock repurchase program
that authorized the repurchase of up to an additional $2.0 billion
of TJX common stock from time to time. Under this program, TJX had
approximately $1.8 billion available for repurchase as of October
28, 2023. TJX records the repurchase of its stock on a cash basis,
and the amounts reflected in the financial statements may vary from
the above amounts due to the timing of settlement of
repurchases.
- During Fiscal 2023, the Company announced and completed the
divestiture of its minority investment in Familia. As a result, the
Company recorded an impairment charge of $218 million in the first
quarter of Fiscal 2023 representing the entire carrying value of
the investment. Subsequently, in the third quarter when the Company
completed the divestiture of this investment, the Company realized
a $54 million tax benefit, or $0.05 positive impact to diluted
earnings per share. For the first nine months of Fiscal 2023, the
combination of these resulted in a $0.14 negative impact to diluted
earnings per share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231114602791/en/
Debra McConnell Global Communications (508) 390-2323
Grafico Azioni TJX Companies (NYSE:TJX)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni TJX Companies (NYSE:TJX)
Storico
Da Gen 2024 a Gen 2025
