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TJX net sales up 16% in fourth quarter

TJX Companies, the owner of TK Maxx, has reported that net sales increased by 16% to $11 billion in its 14-week fourth quarter. Like-for-like store sales… View Article

FASHION

TJX net sales up 16% in fourth quarter

TJX Companies, the owner of TK Maxx, has reported that net sales increased by 16% to $11 billion in its 14-week fourth quarter.

Like-for-like store sales on a 13-week basis rose by 4% compared to the previous year’s 3% rise. In Europe and Australia, like-for like sales were up 3% in the 13-week period. Net income was $877 million in the 14 weeks.

Ernie Herrman, chief executive and president of The TJX Companies, said: “We are very pleased with our strong finish to 2017! In the fourth quarter, our consolidated comp store sales increase of 4% and adjusted earnings per share both meaningfully exceeded our expectations. Once again, customer traffic was up overall and the primary driver of our comp sales increases at each of our four major divisions, as customers responded to our great brands and compelling, eclectic mix of merchandise at excellent values.”

For the 53-week financial year ended 3 February, net sales were $35.9 billion, an 8% increase over last year’s 7% rise. Like-for-like store sales on a 52-week basis increased by 2% over last year’s uplift of 5%. Net income for the 53-week financial year was $2.6 billion.

Herrman added: “We are also pleased with our full-year performance as we surpassed $35 billion in annual sales, an important milestone for our Company! Consolidated comp store sales were up 2% as we marked the 22nd consecutive year of comp sales growth for TJX. For the full year, adjusted earnings per share were also above our plan.”

TJX operates 4,070 stores in nine countries across the world.

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