Business

TJX: ‘2013 was another successful year’

An ensemble from T.J. Maxx’s online catalog. The model’s upper face is cropped, presumably to ensure that her outfit gets a viewer’s full attention.
An ensemble from T.J. Maxx’s online catalog. The model’s upper face is cropped, presumably to ensure that her outfit gets a viewer’s full attention.

TJX Cos., the Framingham-based off-price retailer that operates such chains as T.J. Maxx, Marshalls, and HomeGoods, said Wednesday that fourth-quarter net sales rose 1 percent to $7.8 billion while net income was $582 million.

On diluted earnings per share basis, that worked out to 81 cents a share versus 82 cents for the same quarter a year ago. Diluted earnings per share increased 9 percent over last year’s adjusted 74 cents.

At stores open at least a year, a metric closely watched by retail analysts, sales were up 3 percent on a year-to-year comparison basis.

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Much of the company’s merchandise is branded apparel and home furnishings.

For the company’s full fiscal year, sales were $27.4 billion, up 6 percent. Net income for the 52-week fiscal year was $2.1 billion, and diluted earnings per share were $2.94, a 15 percent increase over $2.55 last year, TJX said in a press release.

In a statement, TJX chief executive Carol Meyrowitz said: “The year 2013 was another successful year for TJX, on top of many great years. We achieved EPS growth of 15 percent over last year’s adjusted 24 percent increase, and consolidated comp sales increased 3 percent over last year’s 7 percent increase. In the US, Marmaxx and HomeGoods continued their excellent, consistent performance. We also successfully launched tjmaxx.com, which, along with the smooth transition of Sierra Trading Post into TJX, gives more consumers the ability and convenience to shop our great values 24 hours a day, seven days a week. TJX Canada was in line with our plan for the year and continued to expand Marshalls across that country. TJX Europe delivered another outstanding year, and we could not be more excited about our international growth opportunities! We delivered these results in a competitive retail environment and despite generally unfavorable weather in many of our regions during the first and fourth quarters. We believe this speaks to the resiliency and flexibility of our off-price model, as we exceeded our long-term plan of 10 percent to 13 percent compound annual EPS growth for the fifth consecutive year.”

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