TJX Cos. (TJX) Misses Q4 EPS by 2c; Plans Larger Buybac, Dividend; Guides Q1, FY15 EPS
TJX Cos. (NYSE: TJX) reported Q4 EPS of $0.81, $0.02 worse than the analyst estimate of $0.83. Revenue for the quarter came in at $7.8 billion versus the consensus estimate of $7.86 billion.
Consolidated comparable store sales increased 3% over the prior year on a 13-week comparable basis.
The Company also announced today its plan to repurchase approximately $1.6 to $1.7 billion of TJX stock during the fiscal year ending January 31, 2015. With $970 million remaining at Fiscal 2014 year end under the Company’s existing stock repurchase program, the Company’s Board of Directors approved a new stock repurchase program that authorizes the repurchase of up to an additional $2.0 billion of TJX common stock from time to time. The new authorization represents approximately 5% of the Company’s outstanding shares at current prices. The new stock repurchase program marks the 15th program approved by the Board since 1997. Over this period, the Company has spent approximately $12.8 billion on the repurchase of TJX stock. In Fiscal 2014, the Company spent a total of $1.5 billion to repurchase TJX stock, retiring 27.0 million shares. During the fourth quarter, the Company spent a total of $455 million to repurchase TJX stock, retiring 7.3 million shares. Under the Company’s repurchase plans, share repurchases may be made from time to time in market or private transactions and may include derivative transactions. The repurchase program announced today has no time limit and may be suspended or discontinued at any time.
The Company also intends to increase the regular quarterly dividend on its common stock to be declared in April 2014 and payable in June 2014 to $.175 per share, subject to the approval of the Company’s Board of Directors. This increase would represent a 21% increase in the current per share dividend and mark the 18th consecutive year that the Company has raised the dividend. Over this period of time, the Company’s dividend has grown at a compound annual rate of 23%.
Sees FY15 EPS of $3.05 to $3.19, with the Street at $3.24.
Also sees Q115 EPS of $.65 to $.66, versus consensus views of $.71.
For earnings history and earnings-related data on TJX Cos. (TJX) click here.
Consolidated comparable store sales increased 3% over the prior year on a 13-week comparable basis.
The Company also announced today its plan to repurchase approximately $1.6 to $1.7 billion of TJX stock during the fiscal year ending January 31, 2015. With $970 million remaining at Fiscal 2014 year end under the Company’s existing stock repurchase program, the Company’s Board of Directors approved a new stock repurchase program that authorizes the repurchase of up to an additional $2.0 billion of TJX common stock from time to time. The new authorization represents approximately 5% of the Company’s outstanding shares at current prices. The new stock repurchase program marks the 15th program approved by the Board since 1997. Over this period, the Company has spent approximately $12.8 billion on the repurchase of TJX stock. In Fiscal 2014, the Company spent a total of $1.5 billion to repurchase TJX stock, retiring 27.0 million shares. During the fourth quarter, the Company spent a total of $455 million to repurchase TJX stock, retiring 7.3 million shares. Under the Company’s repurchase plans, share repurchases may be made from time to time in market or private transactions and may include derivative transactions. The repurchase program announced today has no time limit and may be suspended or discontinued at any time.
The Company also intends to increase the regular quarterly dividend on its common stock to be declared in April 2014 and payable in June 2014 to $.175 per share, subject to the approval of the Company’s Board of Directors. This increase would represent a 21% increase in the current per share dividend and mark the 18th consecutive year that the Company has raised the dividend. Over this period of time, the Company’s dividend has grown at a compound annual rate of 23%.
Sees FY15 EPS of $3.05 to $3.19, with the Street at $3.24.
Also sees Q115 EPS of $.65 to $.66, versus consensus views of $.71.
For earnings history and earnings-related data on TJX Cos. (TJX) click here.