TJX Companies net sales rise 6 percent in 2013

REPORT_ In 2013, net sales of the TJX Companies, for the 52-week fiscal year reached 27.4 billion dollars, up 6 percent over the 53-week fiscal year in 2012. On a 52-week comparable basis, consolidated comparable store sales grew 3 percent over last year’s 7

percent growth and several years of strong increases. Net income rose to 2.1 billion dollars, and on an adjusted basis, diluted earnings per share were 2.83 dollars, a 15 percent increase over the prior year’s strong gains.

The

year 2013 marks the 18th consecutive year of earnings per share growth, and on an adjusted basis, our five-year compound annual EPS growth was a strong 24 percent. Overall, company grew total square footage by 5 percent and netted a total of 169 new stores to end the fiscal year with 3,219 stores.

“As we approach 30 billion dollars in annual sales, we see tremendous growth opportunities ahead for our company, both in the US and internationally. We believe our values will continue to be a compelling draw for shoppers in the US, Canada and Europe and beyond,” said Bernard Cammarata, Chairman of the Board, in company’s annual report.

Company operates seven retail brands in six countries. It has been operating in Canada for well over two decades, and 2014 marks its 20th anniversary in the UK. Last October, company raised its estimates for our long-term store growth potential to 5,150 stores. It represents 60 percent more stores compared to over 3,200 stores today and 420 additional stores on top of company’s earlier estimate. In 2014, company plans to net approximately 172 additional stores in existing markets.

At TJX Canada, company plans to steadily grow TJX Canada, seeing the potential for 450 stores overall, 30 percent more than the current base. While TJX Canada’s 2013 results were softer than those of compared to other divisions, this business performed in line with company expectations and maintained its strong profitability and cash flow. During the year, company nearly doubled the number of Marshalls stores in Canada and introduced this chain to four additional provinces.

“In 2014, we plan to continue our significant share buyback program, with approximately 1.6 dollars to 1.7 billion dollars of repurchases planned for the year. Further, our Board of Directors approved a 21 percent increase in the per-share dividend in April 2014, which represents the 18th consecutive year of dividend increases. Over this period of time, the company’s dividend has risen at a compound annual rate of 23 percent. All of these actions underscore our confidence in our ability to continue to deliver significant increases in sales, earnings, and cash flow, and generate superior financial returns,” opined Cammarata.