Home / Knowledge / News / Apparel/Garments / The TJX Companies posts strong third quarter results
The TJX Companies posts strong third quarter results
22
Nov '11
The TJX Companies Inc., the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, announced sales and earnings results for the third quarter ended October 29, 2011.

Net sales for the third quarter of Fiscal 2012 increased 5% to $5.8 billion and consolidated comparable store sales increased 3%. Net income for the third quarter was $406 million and diluted earnings per share were $1.06, up 15% over $.92 per share last year.

For the first nine months of Fiscal 2012, net sales were $16.5 billion, a 6% increase over last year, and consolidated comparable store sales increased 3% over the prior year. Net income was $1.0 billion, and diluted earnings per share were $2.63 compared to $2.46 in the same period last year. A number of items impacted the comparability of earnings per share for both periods. Excluding these items, adjusted diluted earnings per share for the first nine months of Fiscal 2012 were $2.74, a 12% increase over the adjusted $2.45 in the prior year.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are pleased with our strong overall third quarter performance as our 15% increase in earnings per share was in line with our expectations and achieved on top of a 14% increase last year and 40% growth in the year before that.

We achieved these strong results despite unseasonably warm weather during the quarter in many key regions of the U.S. and Canada, which hindered demand for fall apparel. We are also encouraged by the progress we are making at TJX Europe. Further, it's important to note that sales in the U.S. picked up when the weather turned cooler and we ended the quarter strongly.”

Meyrowitz commented on the fourth quarter, “Although it's still early, November is off to a strong start. We are excited about our opportunities for the holiday selling season and the fourth quarter: our inventory position allows us to buy into current trends and ship fresh gift assortments continuously throughout the season; we are ready with great gift initiatives; our marketing campaigns will be seen by more people than ever before; and most of all, we are about amazing value in the form of fashion, quality, brand and price!”

Impact of Foreign Currency Exchange Rates
Changes in foreign exchange rates affect the translation of sales and earnings of the Company's international businesses into U.S. dollars for financial reporting purposes. In addition, ordinary-course inventory-related hedging instruments are marked to market at the end of each quarter.

Changes in currency exchange rates affect the magnitude of these translations and adjustments, and can have a material impact when there is significant volatility in currency exchange rates, as there was in the third quarter.

The movement in foreign currency exchange rates had a 1 percentage point positive impact on consolidated net sales growth in the third quarter of Fiscal 2012. For the first nine months of Fiscal 2012, the movement of foreign currency exchange rates had a 1 percentage point positive impact on consolidated net sales growth. The impact of foreign currency exchange rates on earnings per share is discussed below under “Items Impacting Comparability.”

Click here to read more details

The TJX Companies Inc

Must ReadView All

Apparel/Garments | On 27th Feb 2017

Myanmar sets up new committee to revise minimum wage

The Government of Myanmar has set up a new committee, replacing an...

Textiles | On 27th Feb 2017

Textile industry can boost South African economy: Minister

The textile industry is one of the most strategic platforms through...

Textiles | On 27th Feb 2017

KBR bags LBED revamp contract for LG Chem's ethylene plant

KBR, Inc has bagged a technology licensing and basic engineering...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search