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TJX Companies, Inc. Reports Q1 FY22 Results Well Above Plan, Open-Only Comp Store Sales Up 16%

Wednesday, May 19, 2021

TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide, today announced sales and operating results for the first quarter ended May 1, 2021. Net sales for the first quarter of Fiscal 2022 were $10.1 billion, an increase of 129% versus the first quarter of Fiscal 2021 in which stores were closed for approximately 50% of the quarter due to the COVID-19 global pandemic. 

Net sales for the first quarter of Fiscal 2022 increased 9% versus the first quarter of Fiscal 2020. Overall open-only comp store sales increased 16% compared to the first quarter of Fiscal 2020. Net income for the first quarter was $534 million and diluted earnings per share were $.44.

Q1 FY22 Highlights:

  • Q1 FY22 overall open-only comp store sales increased 16% compared to Q1 FY20
  • Q1 FY22 diluted earnings per share were $.44
  • Q1 FY22 net sales were $10.1 billion, an increase of 129% compared to Q1 FY21 and an increase of 9% compared to Q1 FY20
  • In April, redeemed $750 million of debt at par that was due to mature in June 2021
  • Announcing make-whole calls that will reduce outstanding debt by an additional $2.0 billion 
  • For the start of Q2 FY22, overall open-only comp store sales trends remain similar to Q1 FY22

“I am extremely pleased with our first quarter results, with overall open-only comp store sales up 16% and earnings per share of $.44, both well above our plan. I want to recognize the excellent work of our global Associates across the organization, especially our store and distribution center Associates who are physically coming into work to bring great values to our customers. Once again, we saw phenomenal performance in our home businesses across all of our divisions. We also saw strong open-only comp store sales increases in many other categories and positive open-only comp store sales in overall apparel, which we believe benefitted from consumers beginning to resume more normal activities. Our U.S. divisions delivered outstanding double-digit open-only comp store sales increases, and sales at our international divisions were very strong when their stores were permitted to be open. Clearly, our treasure-hunt shopping experience, eclectic mix of merchandise, and great brands and values continue to resonate with shoppers across our geographies. As we start the second quarter, overall open-only comp store sales trends remain similar to the first quarter. While the environment remains uncertain, particularly internationally, we are convinced we are strongly positioned as we emerge from this health crisis. Looking ahead, we see numerous opportunities to capture additional market share around the world and are excited about the runway for growth we see for TJX,” said Ernie Herrman, Chief Executive Officer and President at TJX Companies, Inc.

Source: TJX Companies – Press Release

About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. As of May 1, 2021, the end of the Company’s first quarter, the Company operated a total of 4,639 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and four e-commerce sites. These include 1,282 T.J. Maxx, 1,147 Marshalls, 843 HomeGoods, 52 Sierra, and 39 Homesense stores, as well as tjmaxx.com, marshalls.com, and sierra.com, in the United States; 284 Winners, 143 HomeSense, and 103 Marshalls stores in Canada; 604 T.K. Maxx and 78 Homesense stores, as well as tkmaxx.com, in Europe; and 64 T.K. Maxx stores in Australia. TJX’s press releases and financial information are available at TJX.com.

 

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