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Carol Meyrowitz, President and Chief Executive Officer, TJX Companies said, "Our consolidated comparable store sales increase of 7% significantly exceeded our expectations. We continue to see an abundance of exciting brands and merchandise in the marketplace, which will enable us to flow fresh, exciting assortments of gift merchandise throughout the holiday season."
The Framingham, Massachusetts-based company's comparable store sales for the month of September rose 7%, compared to the same period last year. Total sales for the period were $2.0 billion, up 8%, from $1.8 billion in the year-ago period.
For the preceding month of August 2009, the company reported a 5% increase in comparable store sales and 6% increase in net sales. Net sales for the four-week period ended August 29, 2009 rose to $1.6 billion from $1.5 billion in the year-ago period.
For the 35 weeks ended October 3, 2009, TJX's sales rose 4% to $12.6 billion from $12.2 billion last year. The company's consolidated comparable store sales for the year-to-date period increased 4%, compared to last year.
For the 30 weeks ended August 29, 2009, the company's sales rose 3% to $10.7 billion from $10.4 billion in the same period last year, while consolidated comparable store sales for the year-to-date period increased 3%, compared to last year.
The company, which operates the T.J. Maxx and Marshalls stores indicated that great values on great brands are resonating with its loyal customer base and attracting new customers. Further, seasonably cool temperatures in parts of the U.S. during the month also likely helped drive customers to shop for fall merchandise.
For the second quarter, the company's profit rose 27% year-over-year to $261.60 million or $0.61 per share. Income from continuing operations increased to $261.60 million or $0.61 per share from $212.10 million or $0.48 per share in the same quarter last year. Net sales for the second quarter rose 4% year-over-year to $5.00 billion.
Amongst others in the sector, Cincinnati, Ohio-based department stores operator Macy's, Inc. (M | Quote | Chart | News | PowerRating), today reported a 2.3% decline in same-store sales and 2.4% downturn in total sales for the month of September. Total sales dropped 2.4% to $2.043 billion for the five weeks ended Oct. 3, 2009, from $2.093 billion reported in the same period last year. For year-to-date, same store sales decreased 8.2%, and total sales dropped 8.5% to $13.948 billion from last year's total sales of $15.244 billion.
Looking forward to the third quarter, TJX now expects earnings from continuing operations in the range of $0.71 - $0.74 per share, compared to earlier issued forecast of $0.62 -$0.68 per share, based upon estimated consolidated comparable store sales growth of 5% to 6%. This compares to earnings of $0.58 per share from continuing operations reported in the same quarter last year.
On average, 19 analysts polled by Thomson Reuters currently expect the company to earn $0.68 per share for the quarter. Analysts' estimate typically exclude one-time charges and gains.
The company noted that comparisons of projected third quarter results to prior year are impacted by a non-operating item last year and foreign currency exchange rates.
For the fourth quarter, the company now anticipates earnings from continuing operations in the range of $0.60 to $0.66 per share, based upon consolidated comparable store sales increase of 3% to 5%. Previously, the company projected earnings between $0.55 and $0.61 per share.
Analysts polled by Thomson Reuters currently expect the company to earn $0.64 a share for the fourth quarter.
Projected fourth quarter results to prior year are impacted by the benefit from the extra week in the company's fiscal 2009 calendar, a non-operating item, and foreign currency exchange rates.
Earlier, on September 21, the company's board authorized a new stock repurchase program of up to $1.0 billion of its common stock. The new stock repurchase program marks the tenth program approved by the board since 1997. Over the period, the company has spent $6.9 billion on the repurchase of its stock, buying back 378 million shares.
The company is slated to release its October 2009 sales results on Thursday, November 5, 2009, and its third quarter earnings on Tuesday, November 17, 2009.
TJX is currently trading at $38.01, down $0.06 or 0.16%, on a volume of 2.91 million shares on the NYSE. In the past 52 weeks, the stock trended in a broad range of $17.80 - $38.84, with a three-month average volume of 4.96 million shares.
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