TJX Companies, a leading off-price retailer in the market, has released Q2 results for Fiscal 2022. Results showed an above-plan quarter, surpassing initial expectations. The company’s net sales were $12.1 billion, an increase of 81% year-over-year. Q2 FY22 Sales and Profit Results:
- Q2 FY22 overall open-only comp store sales increased 20% over Q2 FY20
- Q2 FY22 net sales were $12.1 billion, an increase of 23% compared to Q2 FY20
- Q2 FY22 total segment profit grew by $336 million to $1.5 billion, a 29% increase compared to Q2 FY20
- Q2 FY22 diluted earnings per share were $.64, which includes a debt extinguishment charge of $.15 per share, compared to earnings per share of $.62 in Q2 FY20
- Returned $614 million to shareholders in the second quarter through share repurchases and dividends
- Increased range for expected full year FY22 share repurchases by $250 million to $1.25 billion to $1.50 billion
- Sales are very strong to start Q3 FY22, with overall open-only comp store sales up mid-teens over Q3 FY20
“I am extremely pleased with our overall open-only comp store sales increase of 20% over Fiscal 2020 and very strong bottom line results, both of which were well above our plans for the second quarter. I am especially pleased with the sequential improvement to our pretax margin compared to the first quarter. The performance of our home businesses across all of our divisions continued to be phenomenal, and apparel continued to trend higher, with open-only comp sales increasing low-teens for the quarter. Our U.S. and international divisions delivered outstanding double-digit open-only comp store sales increases, as our exciting and eclectic mix of merchandise, great brands and values, and treasure-hunt shopping experience continued to draw customers into our stores around the world,” said Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc.
Source: TJX Companies Press Release
Photo Credit: Getty images
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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 July 31, 2021, the end of the Company’s second quarter, the Company operated a total of 4,665 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 1,283 T.J. Maxx, 1,145 Marshalls, 846 HomeGoods, 52 Sierra, and 39 Homesense stores, as well as tjmaxx.com, marshalls.com, and sierra.com, in the United States; 290 Winners, 147 HomeSense, and 105 Marshalls stores in Canada; 616 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.
