Categories AlphaGraphs, Earnings, Retail

TJX Companies reports comp sales growth of 5% for Q1 FY20; provides Q2 outlook

The TJX Companies (NYSE: TJX) reported a comp store sales growth of 5% for the first quarter of fiscal 2020, helped by the customer traffic. Earnings per share increased to $0.57 from $0.56 in the prior-year quarter. Sales rose 7% to $9.28 billion. TJX stock was trading in the positive territory in the early hours of pre-market trading and lost the momentum later.

A graphic on TJX Companies earnings results

For the second quarter of fiscal 2020, the off-price retailer expects EPS to be in the range of $0.61 to $0.62, a 5% to 7% increase over the prior year’s EPS of $0.58. The company expects the combination of incremental freight costs and store wage increases to negatively impact second quarter EPS growth by 2% to 3%.

For the fiscal year ending February 1, 2020, TJX lifted its EPS guidance. The company now expects FY20 EPS to be in the range of $2.56 to $2.61 versus the prior estimate of $2.55 to $2.60. This guidance reflects an assumption that the combination of incremental freight costs and store wage increases will negatively impact EPS growth by 3% to 4%.

Commenting on comp store sales growth, CEO Ernie Herrman stated, “It is terrific to see the continued strength of our largest division, Marmaxx, with an outstanding 6% comp increase. Further, Marmaxx’s apparel and home categories were both very strong. Once again this quarter, customer traffic was the primary driver of our consolidated comp increase and was up at each of our four major divisions.”

Kohl’s Corp (KSS) and J.C. Penney (JCP) reported their recently ended quarter’s results before the market today. Kohl’s tanked 12% in the pre-market as it slashed the earnings forecast and reported disappointing Q1 results. J. C. Penney also plunged about 8% in the early hours after it missed Q1 earnings target.

TJX stock, which dropped slightly by 0.13% to $52.97 on Monday, had advanced 18% since the beginning of 2019 and 25% in the last 12 months.

Most Popular

Earnings calendar for the week of May 17

Benchmark stock indexes pared their recent gains early this week amid elevated inflation concerns, but regained a part of the momentum later aided by recovery in tech stocks. The Dow

Aurora Cannabis (ACB) Earnings: 3Q21 Key Numbers

Aurora Cannabis Inc. (NYSE: ACB) reported third quarter 2021 earnings results today. Total revenues fell 25% year-over-year to CAD55.1 million. Adjusted EBITDA loss amounted to CAD24 million. Cash balance as

Walt Disney (DIS) Q2 revenue down 13%; earnings beat estimates

Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top