Home / Knowledge / News / Apparel/Garments / TJX Companies Q1'FY14 net sales up 5% to $6.5bn
TJX Companies Q1'FY14 net sales up 5% to $6.5bn
21
May '14
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 first quarter ended May 3, 2014. 
 
Net sales for the first quarter of Fiscal 2015 increased 5% to $6.5 billion, and consolidated comparable store sales increased 1%. Net income for the first quarter was $454 million, and diluted earnings per share were $.64 versus last year’s $.62.
 
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “For the first quarter, our consolidated comparable store sales increased 1%, and our earnings per share of $.64 were slightly below our expectations with a negative impact from foreign currency exchange rates that was larger than our guidance assumed. While sales were not as strong as we would have liked, predominantly in our apparel business, I was very pleased that overall business trends improved as the quarter progressed. Further, our inventories and expenses were well managed, which helped protect our margins. 
 
“We enter the second quarter in an excellent position. We like our lean inventory levels, which enable us to capitalize on the plentiful buying opportunities we are seeing in the marketplace and ship great fashions, brands and quality merchandise to our stores at amazing values. Additionally, we have exciting marketing initiatives planned to drive customer traffic. We are very confident in our ability to achieve our plans for the remainder of 2014 and beyond as we continue to bring value around the world!”
 
Margins
For the first quarter of Fiscal 2015, the Company’s consolidated pretax profit margin was 11.3%, a 0.5 percentage point decrease compared with the prior year’s 11.8% margin. Gross profit margin for the first quarter of Fiscal 2015 was 27.9%, down 0.5 percentage points versus the prior year. This decline was primarily due to lower merchandise margins versus strong improvement last year and expense deleverage on the 1% consolidated comparable store sales increase. Selling, general and administrative costs as a percent of sales were 16.5%, unchanged from the prior year.
 
Click here to view full results.
 

The TJX Companies

Must ReadView All

Courtesy: BGMEA

Apparel/Garments | On 27th Feb 2017

'Brands & buyers should help Bangladeshi factory owners'

Brands and buyers should come forward to help factory owners in...

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...

Courtesy: PT Indonesia Taroko Textile

Textiles | On 27th Feb 2017

Taiwan's Lealea to buy Tarako textile plant in Indonesia

Taiwan based textile manufacturer Lealea Enterprise Company, one of...

Interviews View All

Rahuul Jashnani
Jashn

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

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

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

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