At the TJX annual meeting last week in Framingham, MA, Carol Meyrowitz, the company’s CEO, praised Bernard Cammarata, the outgoing chairman, as a driving force at the company and personal mentor who has been central to the company’s long history of consistent growth. Although he steps down as chairman, Cammarata will remain with TJX in a founder’s role, in which he will act as an adviser to executives.
Meyrowitz succeeds Cammarata as chairman.
As for the company, she said TJX executives see growth continuing and have a goal of $40 billion in annual sales in mind. Meyrowitz added that she hopes to be before an annual meeting one day and announce that the company has set a goal of $50 billion in annual sales. She asserted that the company’s strong culture and the offprice retail channel’s powerful value proposition makes ongoing growth a likely prospect.
For the 52-week 2014 fiscal year, TJX net sales were $29.1 billion, a 6% increase over the year prior, the company reported. Net income was $2.22 billion, or $3.15 per diluted per share, versus $2.14 billion, or $2.94 per diluted share, in the year earlier, the company reported. With a second quarter debt extinguishment charge excluded, adjusted diluted earnings per share were $3.16, the company stated, versus last year’s adjusted $2.83.
Consolidated comps for the year increased 2%, with HomeGoods up 7%, Europe and Canada up 3% and Marmaxx, including T.J. Maxx and Marshalls, up 1%.
For the first quarter ended May 2, TJX posted a net sales increase of 6% to $6.87 billion. Net income was $474.6 million, or 69 cents per diluted share, versus $454.3 million, or 64 cents per diluted share, in the year-earlier period.
Consolidated comparable store sales increased by 5%, the company reported. As for the company divisions, comps at the Marmaxx Group gained 3% while those at HomeGoods advanced 9%. Comps at TJX Canada gained 11% and comps at TJX Europe increased 3%.