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TJX Companies Reports Q4 and Full Year Results

February 28, 2024  by HFBusiness Staff in Business Strategy, Industry   

~ Q4 consolidated comparable store sales increased 5%, above the Company’s plan, and were entirely driven by an increase in customer transactions
~ Q4 pretax profit margin of 11.2% and adjusted pretax profit margin of 10.9% were both well above the Company’s plan
~ Q4 diluted earnings per share of $1.22, up 37% versus last year and well above the Company’s plan
~ Q4 adjusted diluted earnings per share of $1.12, up 26% versus last year and well above the Company’s plan

~ Full year FY24 consolidated comparable store sales increased 5%, at the high-end of the Company’s plan, and were entirely driven by an increase in customer transactions
~ FY24 pretax profit margin of 11.0% and adjusted pretax profit margin of 10.9% were both above the Company’s plan
~ FY24 diluted earnings per share of $3.86, up 30% versus last year and well above the Company’s plan
~ FY24 adjusted diluted earnings per share of $3.76, up 21% versus last year and well above the Company’s plan

~ Q4 and full year FY24 pretax profit margin benefitted from lower inventory shrink expense ~ Returned $4.0 billion to shareholders in FY24 through share repurchases and dividends
~ Provides Q1 and full year FY25 guidance

For the 53-week fiscal year ended February 3, 2024, net sales were $54.2 billion, an increase of 9% versus the 52week Fiscal 2023 year. Consolidated comparable store sales increased 5%. For the 53-week fiscal year, net income was $4.5 billion and diluted earnings per share were $3.86, up 30% versus $2.97 in the 52-week Fiscal 2023 year. Excluding an estimated benefit of $.10 from the extra week in Fiscal 2024, adjusted diluted earnings per share were $3.76. This was a 21% increase versus full year Fiscal 2023 adjusted diluted earnings per share of $3.11, which excluded a $.14 net of tax charge related to a write-down and the divestiture of the Company’s minority investment in Familia, an off-price retailer in Russia.

Reconciliations detailing the impact of the extra week on the Company’s results and other adjustments for the fourth quarter and full year Fiscal 2024 are included in this release and can also be found in the Investors section of TJX.com.

CEO and President Comments 
Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., stated, “I am extremely proud of the performance of our teams again in 2023. Thanks to their excellent execution of our great business model, we delivered outstanding results on both the top and bottom lines that exceeded our expectations.”

:We surpassed $50 billion in annual sales, a milestone for our Company. We brought our customers exciting values on great brands and fashions and a treasure-hunt shopping experience, every day. Throughout the holiday season, we shipped a fresh assortment of gift giving selections to our stores and online which clearly resonated with consumers.”

“Comparable store sales for the Company increased 5% both for the fourth quarter and full year, well above our original plans for 2023. We saw comp sales growth at every division driven by customer transactions, which underscores our confidence in our ability to gain market share across all of our geographies.”

“We had a very strong finish to 2023 and start the new year in a position of strength with the first quarter off to a good start. We are energized and laser focused on capitalizing on our opportunities for the year ahead and, as always, we’ll strive to beat our plans. Longer term, we are excited about the potential we see to strategically grow our business, capture additional market share, and increase the profitability of our Company.”