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TJX Companies net sales improve 27 percent

By Prachi Singh

Feb 23, 2022

Business

Image: TK Maxx Enschede, Photo by Menno Ridderhof

The TJX Companies, Inc. has announced net sales for the fourth quarter of 13.9 billion dollars, an increase of 27 percent versus the fourth quarter of fiscal 2021. Net sales for the fourth quarter of fiscal 2022 increased 14 percent versus the fourth quarter of fiscal 2020.

U.S. open-only comp store sales increased 13 percent over a 6 percent increase in the fourth quarter of fiscal 2020. Overall open-only comp store sales increased 10 percent over a 6 percent increase in the fourth quarter of fiscal 2020.

Net income for the quarter was 940 million dollars and diluted earnings per share were 78 cents versus 81 cents per share in the fourth quarter of fiscal 2020.

Commenting on the company’s performance, Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., stated: “For the year, U.S. open-only comp sales were up 17 percent and overall open-only comp store sales increased 15 percent over fiscal 2020, with double-digit increases for both the U.S. businesses and overall TJX every quarter of the year. In a year when we grew sales to nearly 50 billion dollars, we are very confident in our goal of TJX becoming an increasingly profitable, 60 billion-dollars-plus company.”

For the full year fiscal 2022, net sales were 48.5 billion dollars, an increase of 51 percent versus the full year fiscal 2021. Net sales increased 16 percent versus fiscal 2020. Full year U.S. open-only comp store sales increased 17 percent compared to fiscal 2020. Full year fiscal 2022 overall open-only comp store sales increased 15 percent compared to fiscal 2020.

Net income for the full year was 3.3 billion dollars and diluted earnings per share were 2.70 dollars versus 2.67 dollars in fiscal 2020. Adjusted diluted earnings per share were 2.85 dollars.

For the first quarter of fiscal 2023, the company is planning U.S. comparable store sales to be up 1 percent to 3 percent over an outsized 17 percent U.S. open-only comp store sales increase in the first quarter of fiscal 2022.

The company expects diluted earnings per share to be in the range of 58 cents to 61 cents versus earnings per share of 44 cents in the prior year.

For the full year fiscal 2023, the company is planning U.S. comparable store sales to be up 3 percent to 4 percent over an outsized 17 percent U.S. open-only comp store sales increase in fiscal 2022.

During the fiscal year ended January 29, 2022, the company increased its store count by 117 stores to a total of 4,689 stores.

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