TJX Companies has recently released Q2 results for Fiscal 2023, indicating a strong growth in profit margin and operating numbers. Based on these results, the company has raised their full-year outlook for the Fiscal year.
Second Quarter Highlights:
- Net sales of $11.8 billion
- Net income of $809 million
- Profit margin of 9.2% was above the Company’s plan
- Diluted earnings per share of $.69 were at the high-end of the Company’s plan
- Comp store sales for Marmaxx’s overall apparel business were slightly positive versus last year
- Increases full year FY23 pretax profit margin outlook to 9.3% to 9.5% and full year FY23 adjusted pretax profit margin outlook to 9.7% to 9.9%
- Updates full year FY23 earnings per share outlook to $2.87 to $2.95 from $2.94 to $3.01, full year FY23 adjusted earnings per share outlook to $3.05 to $3.13 from $3.13 to $3.20, and full year FY23 U.S. comp store sales outlook to a decrease of 2% to 3% from an increase of 1% to 2%
“As to our results, I am very pleased that our second quarter pretax profit margin exceeded our plan and earnings per share were at the high end of our guidance. We believe our strong profitability speaks to the strength and flexibility of our off-price business model, sharp execution of our teams, and expense discipline,“ Ernie Herrman, Chief Executive Officer and President.