Home / Knowledge / News / Apparel/Garments / Off-price apparel retailer TJX clocks 7% hike in net sales
Off-price apparel retailer TJX clocks 7% hike in net sales
21
Aug '14
Apparels and home fashions off-price retailer, NYSE-listed The TJX Companies, Inc reported a 7% year-on-year hike in net sales to touch $6.9 billion in the second quarter ended August 2, 2014.

Consolidated comparable store sales increased 3% over last year's reported 4% increase in the quarter under review.

Net income for the second quarter of 2014 stood at $518 million and diluted earnings per share were $0.73. Excluding a debt extinguishment charge of $0.02 per share, adjusted diluted earnings per share were $0.75, a 14% increase over the prior year quarter.

For the second quarter of 2014, TJX's consolidated pretax profit margin stood at 12.0%. On an adjusted basis, excluding the approximately 0.3 percentage point debt extinguishment charge, consolidated pretax profit margin was 12.3%, a 0.3 percentage point increase over the prior year.

The gross profit margin for the second quarter of 2014 was 28.6%, down 0.2 percentage points versus a very strong increase in the prior year. TJX said the decline was primarily due to the negative impact of mark-to-market adjustments on its hedging instruments as well as the impact of e-commerce on merchandise margins.

Selling, general and administrative (SG&A) costs as a percent of sales were 16.2%, down 0.5 percentage points from the prior year largely due to a favorable adjustment to its insurance reserves based on improved claims experience, as well as other cost savings, it said.
Total inventories as of August 2, 2014 were $3.4 billion, compared with $3.2 billion at the end of the second quarter last year. TJX said it enters the third quarter in an excellent inventory position to take advantage of the plentiful buying opportunities it is seeing in the marketplace.

During the second quarter of 2014, TJX repurchased a total of $440 million of TJX stock, retiring 8.0 million shares. For the first half of fiscal 2015, TJX spent a total of $800 million in repurchases of TJX stock, retiring 14.0 million shares.

For the third quarter of fiscal 2014, the retailer expects diluted earnings per share to be in the range of $0.81 to $0.85 compared to $0.86 per share last year. Excluding the $0.11 per share tax benefit, TJX said this would represent an 8% to 13% increase over last year's adjusted $0.75 per share.

Carol Meyrowitz, CEO at The TJX Companies said, "I am very pleased with our second quarter performance. Consolidated comp store sales were up 3% over 4% growth last year, at the high end of our plan, and adjusted earnings per share of $0.75 were up 14% over last year's 18% increase, exceeding our expectations”.

“The third quarter is off to a solid start and we are excited about our opportunities for the second half of the year. We enter the third quarter in an excellent inventory position and see plentiful opportunities for great brands in the marketplace”, she informed.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Suresh Patel
Sidwin Fabric

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

Mark Paterson
Technical Absorbents Ltd

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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
January 2017

January 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