Net sales for the first quarter of Fiscal 2014 increased 7% to $6.2 billion. Consolidated comparable store sales for the quarter increased 2% over last year’s reported 8% increase.
Net income for the first quarter was $453 million. First quarter diluted earnings per share were $.62, a 13% increase over last year’s $.55, which represented a 41% increase over the prior year’s adjusted EPS.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are very pleased with our first quarter results, especially as they were achieved over the highest year-over-year comparisons for quarterly comp sales and EPS growth of this year.
“Consolidated comparable store sales increased 2% over an 8% reported increase last year and earnings per share grew 13% over last year’s adjusted 41% increase. We believe the flexibility of our business model allowed us to achieve this growth despite the unfavorable weather patterns across most of our regions for much of the quarter.
“Flowing the right merchandise at the right time continued to be key to strong merchandise margins. The second quarter is off to a strong start and we are in an excellent position to buy into the enormous opportunities for quality merchandise that we are seeing in the marketplace. Longer term, we remain very confident in our continued ability to grow sales and profitability as we are well on the road to being a $40 billion-plus company!”
Impact of Foreign Currency Exchange Rates
Changes in foreign currency 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.
The movement in foreign currency exchange rates had a neutral impact on consolidated net sales growth in the first quarter of Fiscal 2014 versus the prior year. The overall net impact of foreign currency exchange rates had a $.01 per share negative impact on first quarter Fiscal 2014 earnings per share, compared with a $.01 per share negative impact last year.
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 1,047 T.J. Maxx, 911 Marshalls, 426 HomeGoods and 4 Sierra Trading Post stores as well as SierraTradingPost.com in the United States; 226 Winners, 89 HomeSense, and 21 Marshalls stores in Canada; and 352 T.K. Maxx and 24 HomeSense stores in Europe.
Fashion | On 17th Jun 2018
Authentic Brands Group (ABG), owner of a global portfolio of...
Textiles | On 17th Jun 2018
The US Department of Agriculture (USDA) has certified Kreussler's...
Textiles | On 17th Jun 2018
Shrinking democratic space for working people and unchecked corporate ...
Setting up a brand for online selling is easy, but running the brand is not
‘Buying crowdsourced or creative designs are much more appealing to the...
Indian fashion industry
Organic the first choice of any environment-conscious person
Established in 1956 with a small beginning, Embee today manufactures a...
Idealin Fogging Systems has been engaged in designing and manufacturing...
Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....
InvestKonsult Sweden AB
Investkonsult Sweden AB has been buying and selling second-hand textile...
The Indian market has huge potential in technical textiles, and by far,...
Bombay Textile Research Association
Bombay Textile Research Association (BTRA) is a leading name in textile...
Threads & Shirts
Threads & Shirts is a freshly-tailored concept providing men/women a...
Aditi Somani specialises in luxury fusion wear with international cuts and ...
Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...