The TJX Companies, Inc. to Announce Management Changes
Oct 7 15
The TJX Companies, Inc. announced that its Board of Directors has approved a CEO succession plan. The Board intends to elect Ernie Herrman to the position of Chief Executive Officer, effective at the beginning of the Company's next fiscal year, January 31, 2016. Mr. Herrman will also retain his current title as President of the Company. Carol Meyrowitz, current Chairman and CEO, will become Executive Chairman of the Board at the time of the CEO transition. The Board also elected Mr. Herrman a Director of the Company, effective immediately. Ernie Herrman has been President of The TJX Companies since January 2011. He has extensive leadership and off-price experience, having been with TJX since 1989. He was named Senior Executive Vice President, Group President, in August 2008, with responsibilities for The Marmaxx Group, the Company's large division, HomeGoods and TJX Canada. Earlier in his career at TJX, Mr. Herrman succeeded Ms. Meyrowitz as President of The Marmaxx Group, serving in that role from January 2005 to August 2008. Mr. Herrman has also held various senior merchandising positions with TJX. Under her new three-year agreement, in her role as Executive Chairman, Ms. Meyrowitz will remain an active executive and an integral part of TJX’s executive management team as well as advise Mr. Herrman on the Company’s long-term growth initiatives and strategy.
The TJX Companies, Inc. Declares Quarterly Common Stock Dividend, Payable on December 3, 2015
Sep 18 15
The TJX Companies, Inc. announced the declaration of a quarterly dividend on its common stock of $0.21 per share payable on December 3, 2015, to shareholders of record on November 12, 2015.
The TJX Companies, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 1, 2015; Provides Earnings Guidance for the Third Quarter, Fourth Quarter of 2015; Revises Earnings Guidance for the Full Year of Fiscal 2016
Aug 18 15
The TJX Companies, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended August 1, 2015. For the quarter, Net Sales were $7,363,731,000 compared to $6,917,212,000 a year ago. Income before provision for income taxes was $886,194,000 compared to $830,618,000 a year ago. Net income was $549,335,000 or $0.80 per diluted share compared to $517,624,000 or $0.73 per diluted share a year ago. EPS growth was negatively impacted by about 5% due to the combination of foreign currency, transactional foreign exchange, its wage initiative, incremental investments and pension costs.
For the six months, Net Sales were $14,229,368,000 compared to $13,408,388,000 a year ago. Income before provision for income taxes was $1,651,309,000 compared to $1,561,149,000 a year ago. Net income was $1,023,936,000 or $1.49 per diluted share compared to $971,941,000 or $1.37 per diluted share a year ago. Net cash provided by operating activities was $928.6 million, compared to $1,088.4 million a year ago. Property additions were $404.9 million, compared to $425.1 million a year ago.
For the third quarter of fiscal 2016, the company expects diluted earnings per share to be in the range of $0.80 to $0.82 compared to $0.85 last year. This guidance reflects an assumption that the combination of foreign currency, transactional foreign exchange, the company’s wage initiative, incremental investments to support growth, and pension costs would have a 13% negative impact on EPS growth. The company expects the foreign currency impact to third quarter EPS growth to be significantly greater than originally planned due to the continued decline of the Canadian Dollar. This EPS outlook is based upon estimated consolidated comparable store sales growth of 2% to 3%. Profit margin to be in the range of 28.5% to 28.7% versus 29.4% last year.
For the fourth quarter of 2015, the company expects EPS of $0.96 to $0.98 compared to $0.93 last year. This guidance also reflects raised assumption for fourth quarter consolidated comp sales growth of 2% to 3%.
The company is raising its full year earnings per share guidance. For the fiscal year ending January 30, 2016, the company now expects diluted earnings per share to be in the range of $3.24 to $3.28 versus $3.15 in Fiscal 2015. This EPS raise reflects the benefit from the company’s strong second quarter and a higher comp store sales growth assumption for the second half of the year, largely offset by expected additional foreign currency headwinds and higher supply chain costs than originally planned. The guidance for EPS growth also reflects a 9% negative impact from the same factors affecting estimated EPS growth in the third quarter. This EPS outlook is now based upon a raised estimate of consolidated comparable store sales growth of 3% to 4%. For the year, the company expects pretax profit margin to be 11.7% versus last year's adjusted 12.3% in fiscal 2015. The company is anticipating gross profit margin to be approximately 28.5%, which would be flat versus fiscal 2015. The company is planning for a slight increase in merchandise margins. The company expects SG&A as a percent of sales to be approximately 16.7% versus 16.1% last year.