The TJX Companies net sales for the third quarter were 13.3 billion dollars, an increase of 9 percent, while the company’s overall comp store sales increased 6 percent.
Net income for the quarter was 1.2 billion dollars and diluted earnings per share were 1.03 dollars, up 13 percent versus the same quarter of fiscal 2023. Diluted earnings per share rose 20 percent versus last year’s third quarter adjusted diluted earnings per share of 86 cents.
Commenting on the third quarter results, Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., stated: “I am extremely pleased with our third quarter performance and strong execution of our teams as our comp store sales, pretax profit margin, and earnings per share all exceeded our expectations.”
TJX Companies posts strong sales and earnings growth
For the first nine months, the company’s net sales were 37.8 billion dollars, an increase of 7 percent and comp store sales for the period increased 5 percent.
Net income for the first nine months was 3.1 billion dollars, and diluted earnings per share were 2.65 dollars, up 27 percent. Diluted earnings per share were up 19 percent versus adjusted diluted earnings per share of 2.22 dollars in the same period of fiscal 2023.
“Customer traffic was up across all divisions, our overall apparel sales remained very strong, and home sales were outstanding and accelerated sequentially versus the second quarter,” added Herrman.
TJX Companies raises full year outlook
For the fourth quarter of Fiscal 2024, the company continues to expect overall comparable store sales to be up 3 percent to 4 percent. The company now expects pretax profit margin to be in the range of 10.4 percent to 10.6 percent and diluted earnings per share to be in the range of 1.07 dollars to 1.10 dollars.
Fourth quarter adjusted pretax profit margin is forecasted to be in the range of 10 percent to 10.2 percent and adjusted diluted earnings per share to be in the range of 97 cents to 1 dollar.
Commenting on the outlook, Herrman further said: “With our above-plan results in the third quarter, we are raising our full year guidance for comp store sales and earnings per share. The fourth quarter is off to a strong start, and we are pursuing the plentiful deals we are seeing for great brands and great fashions in the marketplace.”
For the fiscal year ending February 3, 2024, the company is now expecting overall comparable store sales to be up 4 percent to 5 percent, pretax profit margin to be approximately 10.8 percent and is increasing its outlook for diluted earnings per share to be in the range of 3.71 dollars to 3.74 dollars.
The company expects full-year adjusted pretax profit margin to be approximately 10.7 percent and now expects adjusted diluted earnings per share to be in the range of 3.61 dollars to 3.64 dollars.
During the third quarter ended October 28, 2023, the company increased its store count by 50 stores to a total of 4,934 stores.