Q4 sales and earnings increase at TJX Companies

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.

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