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The TJX Companies, Inc. Reports Strong Q1 FY25 Results: 3% Comp Store Sales Growth and 22% EPS Increase
Framingham, MA, May 22, 2024 – The TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide, announced impressive financial results for the first quarter of Fiscal 2025, ended May 4, 2024. The company reported significant gains in key performance metrics, including a 3% increase in comparable store sales and a 22% rise in diluted earnings per share (EPS).
Key Financial Highlights
- Comparable Store Sales Growth: TJX achieved a 3% growth in consolidated comparable store sales, reaching the high end of the company's expectations. This growth was driven entirely by an increase in customer transactions.
- Net Sales: The company reported net sales of $12.5 billion, marking a 6% increase compared to the same period last year.
- Profit Margins: TJX's pretax profit margin reached 11.1%, an increase of 0.8 percentage points from the previous year. This exceeded the company's plans, primarily due to lower freight costs, a reserve release, and higher net interest income.
- EPS Growth: Diluted earnings per share were $.93, up from $.76 in Q1 FY24, reflecting a 22% increase.
- Shareholder Returns: TJX returned $886 million to shareholders through share repurchases and dividends in the first quarter.
CEO Commentary
Ernie Herrman, CEO and President of TJX, expressed satisfaction with the company's first-quarter performance. "Our teams executed our initiatives exceptionally well, delivering exciting values on great brands and fashions. The 3% comp store sales growth, driven by increased customer transactions, highlights our value proposition and positions us to gain market share across all geographies. We are optimistic about our prospects for the remainder of the year and beyond."
Division Performance
- Marmaxx (U.S.): Sales increased by 5%, with comparable store sales up 2%.
- HomeGoods (U.S.): Sales grew by 6%, with a 4% increase in comparable store sales.
- TJX Canada: Achieved a 7% sales growth, with a 4% increase in comparable store sales.
- TJX International (Europe & Australia): Reported a 9% increase in sales, with a 2% rise in comparable store sales.
Margins and Expenses
The company's gross profit margin for Q1 FY25 was 30.0%, up by 1.1 percentage points from the previous year. This improvement was driven by lower freight costs and favorable markon. Selling, general, and administrative expenses as a percentage of sales increased slightly to 19.2%, primarily due to higher store wage and payroll costs.
Outlook for FY25
TJX has raised its outlook for the full fiscal year 2025. The company now expects:
- Pretax Profit Margin: Between 11.0% and 11.1%
- Diluted EPS: Between $4.03 and $4.09
- Comparable Store Sales Growth: 2% to 3%
For the second quarter of Fiscal 2025, TJX anticipates:
- Comparable Store Sales Growth: 2% to 3%
- Pretax Profit Margin: Between 10.4% and 10.5%
- Diluted EPS: Between $.88 and $.90
Store Expansion
During Q1 FY25, TJX expanded its store count by 18 stores, bringing the total to 4,972 stores worldwide. This expansion increased the company's gross square footage by 0.3%.
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