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

HOG Earnings: Key quarterly highlights from Harley-Davidson’s Q4 2022 financial results

Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,

After positive Q4, Advanced Micro Devices (AMD) looks at a mixed 2023

Advanced Micro Devices, Inc. (NASDAQ: AMD) this week issued a cautious outlook for the first quarter of 2023, after reporting stronger-than-expected fourth-quarter results. The chipmaker did not provide full-year guidance,

META Earnings: All you need to know about Meta Platforms’ Q4 2022 earnings results

Meta Platforms, Inc. (NASDAQ: META) reported fourth quarter 2022 earnings results today. Revenue declined 4% year-over-year to $32.17 billion. Net income fell 55% to $4.6 billion while EPS dropped 52%

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