TJX Co.'s (TJX) March Comps Fell 2%
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Price: $158.83 -1.73%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 1.2%
Revenue Growth %: +5.4%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 1.2%
Revenue Growth %: +5.4%
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The TJX Companies, Inc. (NYSE: TJX) reported March 2013 sales results. Sales for the five-week period ended April 6, 2013, were $2.4 billion, up 5% over the $2.3 billion achieved during the five-week period ended March 31, 2012. For the nine-week period ended April 6, 2013, sales reached $4.2 billion, a 6% increase over the $4.0 billion achieved during the nine-week period ended March 31, 2012. Consolidated comparable store sales for the five-week period ended April 6, 2013, were down 2%. For the nine-week period ended April 6, 2013, consolidated comparable store sales decreased 1%.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “Due to the year-over-year timing of Easter, we had not planned March to be a strong month against last year’s high increase, and our comparable store sales were in line with our expected range. This was despite the extraordinarily cold weather across most regions in the U.S., Canada and Europe. In regions of the U.S. where weather was not an issue, we saw comp sales increases. Further, overall business trends improved as the weather became warmer. For the first quarter, even with March sales at the low end of our expected range, merchandise margins are on track to be better than last year and we are narrowing the range of our earnings per share guidance to $.60-$.62. It is worth noting that this represents a very solid increase over last year’s first quarter, which had the highest EPS growth of that year. April is off to a good start, our inventories are in great shape, and we are seeing an enormous amount of desirable product in the marketplace.”
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “Due to the year-over-year timing of Easter, we had not planned March to be a strong month against last year’s high increase, and our comparable store sales were in line with our expected range. This was despite the extraordinarily cold weather across most regions in the U.S., Canada and Europe. In regions of the U.S. where weather was not an issue, we saw comp sales increases. Further, overall business trends improved as the weather became warmer. For the first quarter, even with March sales at the low end of our expected range, merchandise margins are on track to be better than last year and we are narrowing the range of our earnings per share guidance to $.60-$.62. It is worth noting that this represents a very solid increase over last year’s first quarter, which had the highest EPS growth of that year. April is off to a good start, our inventories are in great shape, and we are seeing an enormous amount of desirable product in the marketplace.”
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