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

Apparel/Garments | On 28th Sep 2016

CMAI inks MoU with Chinese textile trade body CCCT

Indian apex clothing association, the Clothing Manufacturers...

Textiles | On 28th Sep 2016

India sees largest gain on WEF’s Competitiveness Index

India has shown the largest gain made by any country on the World...

Textiles | On 28th Sep 2016

Oerlikon to show new yarns and fibres at ITMA+CITME expo

The Oerlikon Manmade Fibers segment, the world market leader for...

Interviews View All

Sunil Rathore
Lacoste India

Spokesperson
Hugo Boss

Ghanshyam Ghoghari
Kimora Fashion

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

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

Johan Berlin
InvestKonsult Sweden AB

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

Prathyusha Garimella
Prathyusha Garimella

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
September 2016

September 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search