TJX: ‘We are well on the road to being a $40 billion-plus company!’
TJX Cos., the Framingham-based retailers that operates such chains as T.J. Maxx, Marshalls, and HomeGoods, reported diluted earnings per share of $.82 for the fourth quarter, up 32 percent from the same quarter a year ago.
Fourth quarter sales rose 15 percent to $7.7 billion, TJX said in a press release.
For its full fiscal year, TJX said sales were $25.9 billion, up 12 percent. At stores open at least a year, a measure closely watched by retail analysts, sales rose 7 percent. Diluted earnings per share were $2.55 versus $1.93 a year ago.
In a statement, TJX chief executive Carol Meyrowitz permitted herself several exclamation points.
“The year 2012 was another great year for TJX on top of many great years!” she said. “We achieved adjusted EPS growth of 28 percent on sales of nearly $26 billion and consolidated comp store sales growth of 7 percent, marking the fourth consecutive year of very strong sales and double-digit EPS increases. Customer traffic was up across all of our divisions as our off-price shopping experience continued to resonate with customers, even with the growth in online shopping in the retail industry. Marmaxx, our largest division, continues to be very powerful with excellent performance of new T.J. Maxx and Marshalls stores as we expand into more rural markets as well as major cities. HomeGoods has taken hold as a shopping destination for exciting, quality product from around the world. TJX Canada delivered very strong results with Marshalls in Canada outperforming our expectations, and TJX Europe has regained its momentum and opens up enormous growth opportunity. We believe this all speaks to the staying power of our value proposition of extreme values on exciting fashions and brands. As large as we are, we have enormous store growth potential and are excited about the opportunity to leverage the success of our brick-and-mortar business with e-commerce over time. Our management team is focused on our four powerful divisions, and I am as confident as ever in our ability to continue driving profitable sales growth for many years to come. We are well on the road to being a $40 billion-plus company!”
The company also announced today its plan to repurchase approximately $1.3 billion to $1.4 billion of TJX stock during the fiscal year that ends Feb. 1, 2014.Chris Reidy can be reached at email@example.com.