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TJX Posts Double Digit Gains For Fiscal Q2 2014

Tuesday August 20th, 2013 - 2:44PM


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.