The TJX Companies sales grows 8% to $16.1bn in 2005
22 Feb '06
3 min read
The TJX Companies Inc, the leading off-price retailer of apparel and home fashions in the US and worldwide, has announced sales and earnings results for the fiscal year and fourth quarter ended January 28, 2006.
The net sales for the fiscal year were $16.1 billion, an 8% increase over last year and consolidated comparable store sales increased 2 percent. As previously announced, the company has adopted the new stock compensation accounting standard as of the fourth quarter of fiscal year 2006.
The net income for the 52-week fiscal year was $690 million, and diluted earnings per share were $1.41 compared to $1.21 for the prior year. Results for both years were impacted by certain one-time items, which are described further below. Excluding these one-time items, pro forma full-year diluted earnings per share were $1.29 versus $1.25 last year.
For the 13-week fiscal 2006 fourth quarter sales increased 9 percent to $4.7 billion. Consolidated comparable store sales increased 3 percent over last year. For the fourth quarter, net income was $289 million, and diluted earnings per share were $.60 compared to $.33 in the prior year.
Ben Cammarata, Chairman and Acting CEO of The TJX Companies Inc, stated, "Through improved execution and a renewed focus on off-price disciplines, we brought 2005 to a very strong finish, with fourth quarter earnings results that significantly exceeded our expectations. The fourth quarter comparable store sales increase of 3 percent was achieved on top of a healthy increase last year, with merchandise margins that improved over the prior year despite a challenging competitive environment."
marketing@alchempro.com
