TJX Q3 net sales up 9 percent

REPORT_ TJX net sales for the third quarter of fiscal 2014 increased 9 percent

and consolidated comparable store sales increased 5 percent over last year’s reported 7 percent increase. Adjusted diluted earnings per share were a 21 percent increase over the prior year.

For the first nine months of fiscal 2014, net sales were a 8 percent increase over last year, and consolidated comparable store sales increased 3 percent over last year’s reported 8 percent increase. Adjusted diluted earnings per share were a 17 percent increase over the prior year. During the third quarter the company increased its store count by a net of 93 stores. The company increased square footage by 5 percent over the same period last year.

For the third quarter consolidated pretax profit margin was 12.6 percent, up 0.9 percentage points over the prior year. Gross profit margin was 29.3 percent, 0.5 percentage points above last year’s margin. Selling, general and administrative costs as a percent of sales were 16.6 percent in the third quarter, a 0.4 percentage point improvement compared to last year’s ratio. For the fourth quarter of fiscal 2014, the company estimates consolidated comparable store sales growth of 1 percent to 2 percent. For the whole fiscal year the company expects a consolidated comparable store sales growth of 3 percent.

TJX is based in Massachusetts. It is an off-price retailer of apparel and home fashions. Carol Meyrowitz, Chief Executive Officer, stated, “We are very pleased that our strong momentum continued in the third quarter. We are raising our full-year guidance to reflect our third quarter performance. The fourth quarter is off to a good start. We see tremendous potential ahead for TJX, and we remain very confident in our ability to continue driving substantial top- and bottom-line growth.”