Home Still Cozy at TJX
Staff Staff -- Furniture Today, December 6, 2013
FRAMINGHAM, MASS. - TJX Companies Inc.'s home business continued to impress in the third quarter, helping to propel the company's strong sales and comps performances during the period across its various product segments.
Declining to offer details about specific home categories for competitive reasons, company ceo Carol Meyrowitz said, during TJX Companies' earnings call: "Overall, we are very pleased with our total home business in all divisions, especially HomeGoods and HomeSense."
Third quarter results by segment included:
Home fashions sales up 6% at Marmaxx, where overall comps increased 4% and sales were up 7.8% to $4.5 billion;
HomeGoods comp gain of 10%, with a sales increase of 16% to $740 million;
TJX Canada, including Winners, HomeSense and Marshalls, comp increase of 2% and sales growth of 2.2% to $786 million.
Overall company net sales for the third quarter increased 9% to $7.0 billion, and consolidated comparable store sales increased 5% over last year's reported 7% increase.
Net income rose 35% to $623 million, or $.86 per share. Results included a third quarter tax benefit of $.11 per share.
For the first nine months, net sales rose 8% to $19.6 billion, and consolidated comparable store sales were up 3% over last year's reported 8% increase. Net income was up 19.5% to $1.6 billion and diluted earnings per share were $2.14.
The company raised its fiscal year outlook and now expects full year earnings per share to be in the range of $2.91 to $2.94 versus $2.55 in fiscal 2013.
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