Sales up 10% at apparel retailer TJX Companies in H1 FY'13

Net sales for the second quarter of Fiscal 2013 increased 9% to $5.9 billion and consolidated comparable store sales increased 7%. Net income for the second quarter was $421 million and diluted earnings per share were $.56, a 24% increase over $.45 per share last year.

For the first half of Fiscal 2013, net sales were $11.7 billion, a 10% increase over last year, and consolidated comparable store sales increased 8% over the same period last year. Net income was $840 million, and diluted earnings per share were $1.11 compared to $.79 in the same period last year. Last year’s results include a number of items (detailed under “Items Impacting Comparability” below) that impacted the comparability of earnings per share. Excluding these items, diluted earnings per share for the first six months of Fiscal 2013 increased 32% over the adjusted $.84 last year.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are extremely pleased that our strong momentum continued in the second quarter. Our 24% increase in earnings per share and 7% consolidated comparable store sales growth both significantly exceeded our original expectations, with every business posting excellent results.

“We are raising our full-year guidance to reflect our second quarter earnings per share. In addition, this marks the seventh consecutive year of very strong second quarter operating performance, which we believe demonstrates the sustainability of our sales and profit growth in both strong and weak economies.

“Customer traffic was up substantially at all divisions in the U.S., Canada and Europe and drove most of the comparable store sales increase, reflecting our on-point fashions and brands at great values. We are convinced that we will continue to attract more new and loyal customers in the U.S. and internationally with the power of our values, brand and fashion content, and wide customer demographic appeal.

“August is off to a strong start and we have many exciting opportunities for the second half of 2012. Our inventories are in excellent shape, we see a marketplace full of terrific brands and fashions, and we have great marketing campaigns and in-store initiatives planned.

“It's important to note that TJX is a company with a business model that enables us to succeed in most macro environments and, at the same time, has terrific growth potential. We are leveraging our four powerful divisions and have deep confidence in our ability to continue delivering profitable growth and high financial returns in the near and long term!”

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TJX Companies Inc