TJX Posts Double Digit Gains For Fiscal Q2 2014

The TJX Companies, Inc. has announced sales and earnings results for the second quarter ended August 3, 2013. Net sales for the second quarter of fiscal 2014 increased 8%, to $6.4 billion, and consolidated comparable store sales for the quarter increased 4% over last year’s reported 7% increase. Net income for the second quarter was $480 million. Second quarter diluted earnings per share were $.66, an 18% increase over last year’s $.56, which represented a 24% increase over the prior year’s EPS.

Comparable store sales at the company’s HomeGoods division showed an 8% increase, $690 million, as compared with the same period last fiscal year where sales were $598 million.

“We are very pleased with our above-plan second quarter results which were achieved over high year-over-year comparisons for quarterly comp sales and EPS growth. Consolidated comparable store sales increased 4% over a 7% reported increase last year and earnings per share grew 18% over last year’s 24% increase,” Carol Meyrowitz, CEO of The TJX Companies, Inc., said. “With our above-plan second quarter results, we are raising our full-year guidance. The third quarter is off to a solid start and we see many opportunities for the second half of the year and beyond. We remain confident that our strong top- and bottom-line growth will continue and we will grow TJX to be a $40 billion-plus company.”

For the first half of fiscal 2014, net sales were $12.6 billion, an 8% increase over last year. Consolidated comparable store sales for the first half of fiscal 2014 increased 3% over last year’s reported 8% increase. Net income for the first half of fiscal 2014 was $932 million. First half fiscal 2014 diluted earnings per share were $1.28, a 15% increase over last year’s $1.11, which represented a 32% increase over the prior year’s adjusted EPS.


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