TJX Companies, Inc. Reports 41% Increase in 1Q Adjusted EPS; Sees Strong Momentum Continue
The TJX Companies, Inc. Reports 41% Increase in First Quarter Adjusted EPS; Sees Strong Momentum Continue
FRAMINGHAM, Mass.--(BUSINESS WIRE)--May. 15, 2012-- 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 first quarter ended April 28, 2012. Net sales for the first quarter of Fiscal 2013 increased 11% to $5.8 billion and consolidated comparable store sales increased 8%. Net income for the first quarter was $419 million and diluted earnings per share were $.55. Last year’s results include a number of items (detailed under “Items Impacting Comparability” below) that impacted the comparability of earnings per share. Excluding these items, diluted earnings per share for the first quarter increased 41% over the adjusted $.39 last year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are extremely pleased that our strong momentum continued in the first quarter. Consolidated comparable store sales increased 8% and earnings per share were up 41% over last year’s adjusted EPS. We are particularly pleased that our performance was so strong across the board, with our U.S., Canadian and European businesses all delivering outstanding results. We saw significant increases in customer traffic across all divisions in the first quarter over last year, which we believe points to the strength of our values and our brand content. We are convinced that we will continue to grow our customer base with our compelling values, more powerful marketing and upgraded shopping experience. May is off to a strong start and we begin the second quarter in an excellent inventory position to buy into current opportunities in the marketplace and continue shipping great fashions and brands at great prices to our stores. We are excited about our prospects for the remainder of 2012 and beyond and our ability to continue achieving profitable growth and excellent financial returns in the short and long term!”
Sales by Business Segment
The Company’s comparable store sales and net sales by division, in the first quarter, were as follows: