- Prachi Singh
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The TJX Companies, Inc. has announced that net sales for the fourth
quarter increased 10 percent to 12.2 billion dollars, while consolidated
comparable store sales increased 6 percent over a 6 percent increase last
year. Net income for the fourth quarter was 985 million dollars and diluted
earnings per share were 81 cents, a 19 percent increase versus the prior
year’s 68 cents.
Commenting on the company’s performance, Ernie Herrman, Chief Executive
Officer and President of The TJX Companies, said in a statement: “We are
extremely pleased with our strong fourth quarter results, as both sales and
earnings per share significantly exceeded our expectations. As for the full
year, we also delivered strong results. We see plentiful opportunities for
TJX in today’s retail landscape and are confident we will continue to
capture market share.”
TJX expects 4 to 6 percent growth in full year earnings
For the 52-week fiscal year, the company’s net sales were 41.7 billion
dollars, a 7 percent increase over the same period last year, while
consolidated comparable store sales increased 4 percent over a 6 percent
increase last year. Net income was 3.3 billion dollars and diluted earnings
per share were 2.67 dollars, a 10 percent increase versus 2.43 dollars in
the prior year, while fiscal 2020 diluted earnings per share increased 9
percent over the prior year’s adjusted 2.45 dollars.
For the 52-week fiscal year, the company expects diluted earnings per
share to be in the range of 2.77 dollars to 2.83 dollars, representing a 4
percent to 6 percent increase over the prior year’s 2.67 dollars. This EPS
outlook, the company said, is based upon estimated comparable store sales
growth of 2 percent to 3 percent on both a consolidated basis and at
Marmaxx. For the first quarter of fiscal 2021, the company expects diluted
earnings per share to be in the range of 59 cents to 60 cents versus
earnings per share of 57 cents in the prior year, which is based upon
estimated comparable store sales growth of 2 percent to 3 percent on both a
consolidated basis and at Marmaxx.
During the fiscal year ended February 1, 2020, the company increased its
store count by 223 stores to a total of 4,529 stores.
Picture:Facebook/T.J.Maxx
