TJX Maintains Sales Momentum In Q2

The TJX Companies, Inc. has announced that its net sales for the second quarter of fiscal 2016 increased 6% to $7.4 billion and consolidated comparable store sales increased 6% over last year’s 3% increase. Net income for the second quarter was $549 million and diluted earnings per share were 80 cents, a 7% increase over the prior year’s adjusted 75 cents, which excluded a two cent per share debt extinguishment charge from reported earnings per share of 73 cents.

By division, comps at the Marmaxx Group, including T.J. Maxx and Marshalls operations, increased 4% while those at HomeGoods advanced 9%, as comps at TJX Canada gained 12% and comps at TJX Europe increased 5%.

For the first half of fiscal 2016, net sales were $14.2 billion, a 6% increase over last year. Consolidated comparable store sales for the first half of fiscal 2016 increased 5%. Net income for the first half was $1 billion, according to the company. 

Carol Meyrowitz, chairman and CEO, The TJX Companies, Inc., stated, “We are extremely pleased that our momentum continued in the second quarter. It was great to see that comp sales were entirely driven by customer traffic— our fifth consecutive quarter of sequential traffic improvement— and that we had strong sales across all of our divisions. Our flexible model and ability to offer an eclectic, exciting merchandise mix at outstanding values continues to resonate with consumers in all of our geographies.”

She continued, “We are proud of our strong comp sales, traffic increases and merchandise margins, all of which are core to a successful retail business. We enter the back half of the year in an excellent position to keep our momentum going. I am convinced that our gift-giving selections will be better than ever this year, and that our fall and holiday marketing campaigns will keep attracting more shoppers to our stores.”

The company operates a total of 3,461 stores in seven countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, and Austria, and three e-commerce sites. In the U.S., these include 1,130 T.J. Maxx, 990 Marshalls, 503 HomeGoods and 6 Sierra Trading Post stores.