TJX Companies has announced fourth quarter and fiscal year results, reporting numbers that are well above the company’s initial forecast. Net sales for the fourth quarter of Fiscal 2023 were $14.5 billion, an increase of 5% versus the fourth quarter of Fiscal 2022. Comp store sales also increased 4% during Q4.
Other highlights from TJX Companies financial results include:
- Q4 FY23 comp store sales at Marmaxx increased 7%, driven by very strong sales of apparel and accessories categories
- Q4 FY23 diluted earnings per share of $.89, up 14% versus the prior year and at the high-end of the Company’s plan
- Q4 FY23 pretax profit margin of 9.2%, below the Company’s plan due to an unplanned shrink charge (see below)
- FY23 diluted earnings per share were $2.97 and adjusted diluted earnings per share were $3.11, both at the high-end of the Company’s plan
- FY23 pretax profit margin of 9.3%, at the low-end of the Company’s plan
- FY23 adjusted pretax profit margin of 9.7%, slightly below the Company’s plan due to the unplanned shrink charge in Q4 FY23 (see below)
- Returned $3.6 billion to shareholders in FY23 through share repurchases and dividends
- Provides Q1 and full year FY24 guidance; Planning a pretax profit margin increase in FY24
- Reiterates FY25 pretax profit margin target of 10.6%
“I am so proud of the outstanding performance and execution of our teams again in 2022. By staying focused on our off-price fundamentals, which have served us well through many kinds of retail and macro environments, we continued to bring customers around the world exciting values and a treasure-hunt shopping experience, every day. Our eclectic, rapidly changing mix of gift giving assortments clearly resonated with consumers this holiday season. We saw fourth quarter U.S. comp store sales growth of 4%, well above our plan, and U.S. customer traffic increase. Marmaxx delivered a very strong 7% comp increase, its highest quarterly comp of the year, driven by excellent sales in its apparel and accessories categories,” said Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc.
Source: TJX Companies – Q4
